The Ministry of Planning and Economic Development and International Cooperation, in coordination with the Ministry of Electricity and Renewable Energy and development partners, is mobilizing innovative financing mechanisms to implement projects under the national platform for the “Noufi” program. The aim is to achieve a target of 42% renewable energy by 2030. A report by the Ministry highlighted that since 2020 until May 2025, more than 25% of concessional financing obtained by the private sector has been directed towards renewable energy and logistics services.
The Ministry signed an agreement during the “Development Financing to Empower the Private Sector.. Economic Growth” conference between the Egyptian Electricity Transmission Company and Scatec, for the purchase of energy from the 900 MW Shedwan Wind Power Project developed by Norway’s Scatec at Ras Shukeir in the Gulf of Suez, with total foreign direct investments of approximately $1 billion. This is one of the energy axis projects under the “Noufi” program.
In the same context, a financing agreement was signed between the International Finance Corporation and the UAE-based AMEA Power to support Egypt’s first utility-scale battery energy storage project for the Abydos Solar Power Project, which is also part of the energy axis projects under the “Noufi” program.
During the conference, financial closure agreements were signed for the 1 GW Obelisk Solar Power Plant with 200 MWh of battery storage, developed by Scatec, with total investments of $600 million. The European Bank for Reconstruction and Development, British International Investment, and the African Development Bank are providing $479 million in financing to Obelisk Solar, a subsidiary of Scatec.
— new from اليوم السابع