en.Wedoany.com Reported - Norwegian renewable energy company Scatec plans to invest nearly $5 billion in Egypt's energy sector over the next two years. This comes on top of nearly $5 billion in committed investments the company already has in Egypt across renewable energy, green hydrogen, and other areas.

Scatec detailed the investment plan during a meeting on Monday in Cairo with Egypt's Minister of Investment and Foreign Trade, Mohamed Farid. The discussions covered the company's projects and investment opportunities in renewable energy, wind power, energy storage, green hydrogen, ammonia, and seawater desalination. In January of this year, Scatec signed a power purchase agreement with the Egyptian Electricity Transmission Company for a project involving 1.95 GW of solar power and a 3.9 GWh battery energy storage system. That same month, the company also secured a contract in Tataouine, southern Tunisia, to develop a 120 MW solar power plant.

Farid stated that Egypt is committed to establishing strategic partnerships with major international companies to promote technology transfer, achieve industrial localization, and strengthen the country's position as a regional hub for investment, production, and exports. Scatec is continuously expanding its footprint in North Africa through large-scale renewable energy and energy storage projects. The planned investment in Egypt reflects the company's strategic direction focused on expanding its regional portfolio, which encompasses renewable energy, energy storage, and emerging low-carbon industries.