Scatec and EBRD launch $550 million renewable energy platform in Egypt

Norway-listed Scatec and the European Bank for Reconstruction and Development (EBRD) have formed a renewable energy platform in Egypt. Scatec will maintain a 60% controlling stake in Egypt Renewables Holdings, while the EBRD will acquire the remaining 40%. The EBRD has committed up to $221 million to the vehicle, which aims to finance the acquisition, development, and construction of solar, wind, and battery-storage infrastructure.

The platform is set to manage several key projects, including a 40% interest in the Obelisk solar and battery project, 51% of the Shadwan wind project, and approximately 60% of the Dandara solar project. The Dandara facility, located in Nagaa Hammadi, will supply electricity to EgyptAlum under a 25-year contract. Once operational, the combined projects are expected to add 2.7 gigawatts of solar power, 900 megawatts of wind capacity, and 4.2 gigawatt-hours of battery storage to Egypt’s energy system.

Financial partners for these developments include the African Development Bank (AfDB), the European Investment Bank (EIB), and the National Bank of Egypt (NBE). The investments aim to strengthen Egypt's electricity supply and reduce reliance on imported fossil fuels as the country seeks to reach a renewable electricity target of 45% by 2028.