Egypt signs financial closure deal with Norway's Scatec for 1 GW solar plant
The project will involve a $600 million investment, a cabinet statement said.
The government also signed a power purchase agreement for a 900 megawatt wind project that is being developed in the Gulf of Suez with Scatec. Investment in the project is estimated at $1 billion.
Egypt is aiming for renewable energy to provide 42% of its electricity generation mix by 2030. However, the country has in recent years relied heavily on natural gas, with solar, wind, and hydropower making up only 11.5% of its electricity generation.
(Reporting by Momen Saeed Atallah; Writing by Menna Alaa El-Din; Editing by Jan Harvey and Giles Elgood)
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