Egypt secures $5 billion from Norway’s Scatec for renewable power, desalination and data centres

Egypt’s Minister of Investment and Foreign Trade, Mohamed Farid, met with senior executives of Norwegian renewable energy firm Scatec to outline a $5 billion investment package over the next two years. The plan targets new renewable‑energy capacity, large‑scale desalination, and data‑centre projects, aiming to double Scatec’s existing $5 billion presence in the country.

Scatec’s CEO Terje Pilskog said the company will focus on wind, solar, battery storage, green hydrogen, green ammonia and related infrastructure. The Egyptian government highlighted its strategic location, trade agreements and ambition to become a regional hub for clean energy and digital services.

These investments support Egypt’s broader energy goals: generating 42 % of electricity from renewables by 2030 and over 60 % by 2040, as outlined in the Integrated Sustainable Energy Strategy 2035. Recent private‑sector deals, including a 1.7 GW solar‑plus‑storage plant in Upper Egypt, complement the new Scatec projects and a €788 million EU financing package for transmission upgrades.