Egypt’s Minister of Planning, Economic Development, and International Cooperation Rania A. Al-Mashat met with Norwegian Ambassador to Cairo Hilde Klemetsdal and Scatec CEO Terje Pilskog on March 15 to discuss enhancing investments in renewable energy and green transformation in Egypt.
The meeting, which followed the launch of the 2nd progress report for the “NWFE” program, focused on the future of Scatec’s investments in Egypt, aligning with Egypt’s vision to drive the transition to a green economy and increase reliance on clean energy.
Al-Mashat welcomed the ambassador and Scatec officials, emphasizing the government’s commitment to strengthening the partnership with Norway to increase investments in green economy transition and clean energy sectors.
“A key role for development finance and blended financing mechanisms from development partners [is] in driving Scatec’s renewable energy investments in Egypt,” Al-Mashat said.
Al-Mashat also noted that the launch of the 2nd progress report for the “NWFE” program, which includes new projects for Scatec, reflects ongoing coordination and commitment to strengthen cooperation in implementing the shared vision for green transformation.
According to Al-Mashat, Egyptian-Norwegian relations have witnessed significant development, particularly following President Abdel Fattah El-Sisi’s recent visit to Norway. The visit included productive discussions on increasing investments between the two countries and enhancing economic relations, particularly in the renewable and green energy sectors.
Al-Mashat highlighted that the Egyptian government has taken several steps to create an investment-friendly environment for the private sector, and to implement attractive structural reforms, particularly in the renewable energy and green transformation sectors.
Al-Mashat explained that the inclusion of new projects for Scatec in the “NWFE” program platform enhances joint efforts to provide innovative financing mechanisms from multilateral and bilateral development partners, mobilizing blended finance for these projects. This, she said, will positively impact investments in green transformation areas and strengthen Egypt’s position as a regional hub for green energy.
Al-Mashat also noted that Egypt is working with the European Union to activate an investment guarantee mechanism worth €1.8 billion, which will provide additional financing tools for both local and foreign private sector investments in Egypt.
The Norwegian Ambassador and Scatec officials expressed their gratitude to Al-Mashat for her efforts in implementing “NWFE” program projects and providing financing mechanisms for Scatec’s projects in Egypt.
Pilskog presented Scatec’s future investment plan in Egypt and its contribution to Egypt’s vision for expanding green hydrogen production, as well as the progress of ongoing solar energy projects and the green ammonia production project in Damietta, among other projects. He noted that Egypt’s expansion in renewable energy and green fuels projects enhances its status as a leading regional country in energy production and exports.
During the launch of the 2nd progress report for the “NWFE” program, Prime Minister Mostafa Madbouly witnessed the signing of a framework agreement between Al-Mashat and Pilskog, to include Scatec’s renewable energy projects in the “NWFE” program. Scatec also signed an energy purchase agreement with Egypt Aluminum Company to establish a 1 GW solar power plant to provide clean energy for the Aluminum Complex in Nagaa Hammadi.
