Egypt and Norway’s Scatec reach a financial closure agreement for a 1 GW solar facility

The Norwegian renewable energy producer Scatec (SCATC.OL) and Egypt inked a financial closure agreement on Sunday, opening a new tab for a 1 gigawatt solar facility that will enable the project to proceed to the building phase, according to the Egyptian cabinet.

According to a cabinet statement, $600 million would be invested in the project.

A power purchase agreement was also inked by the government and Scatec for a 900 megawatt wind project being developed in the Gulf of Suez. The project is expected to cost $1 billion to invest in.

By 2030, Egypt wants 42 percent of its electricity to come from renewable sources. But in recent years, the nation has mainly relied on natural gas, with only 11.5% of its electricity coming from hydropower, wind, and solar.