Scatec signs PPA for 1 GW solar and 100 MW/200 MWh battery storage project in Egypt
September 12 2024 - 7:44AM
UK Regulatory
Scatec signs PPA for 1 GW solar and 100 MW/200 MWh battery storage
project in Egypt
12 September, Cairo/Oslo: Scatec ASA has signed a USD
denominated 25-year power purchase agreement (PPA) with Egyptian
Electricity Transmission Company (EETC) for a 1 GW solar and 100
MW/200 MWh battery storage hybrid project in Egypt, the first of
its kind in the country.
“This will be the first hybrid solar and battery project in
Egypt and demonstrates Scatec’s strong position as one of the
largest renewable energy producers in the country. We are pleased
to have entered the PPA with Egyptian Electricity Transmission
Company. We will now finalise land lease agreements, grid
connection agreements, and financing, and prepare for construction
of the project,” says Scatec CEO Terje
Pilskog.
Scatec has signed a mandate letter with several development
financing institutions for concessional financing and expects to
reach financial close with the lenders and start construction of
the solar and BESS hybrid project in the first half of 2025. Scatec
will provide Engineering, Procurement & Construction (EPC),
Asset Management (AM) and Operations & Maintenance (O&M)
services for the project.
For further information, please contact:
For analysts and investors: Andreas Austrell, VP IR, phone: +47 974
38 686, andreas.austrell@scatec.com
For media: Meera Bhatia, SVP External Affairs & Communications,
phone: +47 468 44 959, meera.bhatia@scatec.com
About Scatec
Scatec is a leading renewable energy solutions provider,
accelerating access to reliable and affordable clean energy in
emerging markets. As a long-term player, we develop, build, own,
and operate renewable energy plants, with 4.7 GW in operation and
under construction across four continents today. We are committed
to grow our renewable energy capacity, delivered by our passionate
employees and partners who are driven by a common vision of
‘Improving our Future’. Scatec is headquartered in Oslo, Norway and
listed on the Oslo Stock Exchange under the ticker symbol
‘SCATC’. To learn more, visit www.scatec.com or
connect with us on LinkedIn.
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
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