Egypt Accelerates Energy Transition, Aims for 42% Renewable Energy by 2030
Egypt is accelerating its energy transition, aiming to increase the share of renewable energy in its electricity mix to 42% by 2030 and 60% by 2040, according to the country's authorities and official sources.
Norwegian Group Scatec to Invest $5 Billion in Egypt
In this context, Norwegian group Scatec plans to invest up to $5 billion in Egypt over the next two years. This announcement was made after a meeting in Cairo between Egyptian Prime Minister Mostafa Madbouly and a Scatec delegation led by its CEO, Terje Pilskog, according to the Egyptian Council of Ministers and specialized media.
Investments to Focus on Green Economy Sectors
These investments will focus on several sectors related to the green economy, including:
- Solar and wind power projects
- Energy storage using batteries
- Desalination of water powered by renewable energy
- Development of eco-friendly data centers and infrastructure related to energy transition
Scatec's Ongoing Projects in Egypt
Scatec is already developing several major projects in the country, including:
- The Obelisk project, which combines approximately 1.1 gigawatts of solar power and 200 MWh of battery storage, with the first phase already operational and the second phase nearing completion
- The Energy Valley project, which plans to provide 1.75 GW of solar power and 4 GWh of storage to supply stable and continuous electricity to the industrial sector
Other Projects in Development
Other projects are also under development, including:
- A 900 MW wind farm in Shadwan
- A solar power plant to supply Egyptalum, aiming to reduce the carbon footprint of its exports and meet European carbon requirements
Egypt's Broader Strategy
These investments are part of a broader Egyptian strategy to:
- Strengthen energy security
- Attract more private investments
- Reduce carbon emissions while supporting the country's industrial growth
