Egypt: Egyptalum, Scatec's arm to build $650mln solar plant for Nagaa Hammadi Complex

Zawya

09-07-2025

Arab Finance: Egypt Aluminum Company (Egyptalum) has signed an agreement with a project company affiliated with Norway's Scatec to establish a 1,000-megawatt solar power plant dedicated to supplying the Nagaa Hammadi aluminum complex with clean energy, as per a statement.
The project will be carried out over 24 months with a total investment estimated at $650 million.
The agreement was signed in the presence of Minister of Public Business Sector Mohamed Shimi and Norwegian Ambassador to Cairo Hilde Klemetsdal.
The solar plant will be built in two consecutive phases, each with a 500-megawatt capacity, along with storage batteries totaling up to 200 megawatts.
The project will be fully financed and operated by Scatec under a power purchase agreement (PPA), providing a substantial portion of Egypt Aluminum's energy needs.
Shimi said the project marks a milestone for Egypt's aluminum industry and aligns with the government's broader strategy to transition to renewable energy.
The minister also described the partnership as a successful model for public-private cooperation with international investors and reaffirmed the ministry's support for such ventures.
For her part, Klemetsdal welcomed the agreement as a testament to the strong and growing relationship between Egypt and Norway.
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