Arab Finance: Norwegian renewable energy company Scatec plans to invest up to $5 billion in Egypt over the next two years across strategic sectors, including renewable energy, energy storage, water desalination, green data centers, and infrastructure supporting the green transition, according to a statement.

The investment plans were announced during a meeting between Egyptian Prime Minister Mostafa Madbouly and senior Scatec officials at the government headquarters in the New Capital to review the company's ongoing and planned projects in Egypt.

During the meeting, Scatec officials described Egypt as one of the company's most important strategic markets globally, citing recent successes and continued government support as key drivers behind its expansion plans and efforts to position the country as a regional hub for its operations.

Among the projects discussed was the Obelisk project in Qena Governorate, one of Africa’s largest solar energy and battery storage projects, with a planned capacity of 1.1 gigawatts of solar power and 200 megawatt-hours of battery storage.

The first phase, comprising 500 megawatts of solar power and 200 megawatt-hours of storage, has already been commissioned. The second phase is expected to begin operations by the end of June.

Madbouly reaffirmed the government's support for the company's projects, noting that they align with Egypt's strategy to expand renewable energy generation, enhance energy security, advance sustainable development, and reduce carbon emissions.

For his part, Minister of Electricity and Renewable Energy Mahmoud Esmat stated that Scatec is a strategic partner for Egypt, adding that the company's planned expansion reflects confidence in the country's investment climate and supports Egypt's ambition to become a regional clean energy hub.