By Abbas Nazil
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 the future of green energy investments in Egypt.
The meeting, held following the launch of the second progress report for the “NWFE” program, reaffirmed Egypt’s commitment to expanding renewable energy projects and strengthening its partnership with Norway in the clean energy sector.
Al-Mashat emphasized the government’s dedication to fostering a green economy transition, highlighting the role of development finance and blended financing mechanisms from international development partners in supporting Scatec’s renewable energy investments.
She noted that Egypt’s collaboration with Norway has deepened, particularly following President Abdel Fattah El-Sisi’s recent visit to Norway, which focused on enhancing economic relations and increasing investments in the renewable energy sector.
The meeting also addressed new projects under the “NWFE” program, with Al-Mashat underscoring Egypt’s efforts to create an investment-friendly environment for the private sector.
She pointed out that ongoing structural reforms aim to attract further investments, particularly in green transformation initiatives.
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Scatec’s inclusion in the “NWFE” program platform is expected to leverage innovative financing mechanisms from multilateral and bilateral development partners, mobilizing blended finance to boost green energy projects.
Pilskog outlined Scatec’s investment strategy in Egypt, including contributions to green hydrogen production and progress on existing solar energy and green ammonia projects, particularly in Damietta.
He stressed that Egypt’s renewable energy expansion strengthens its role as a regional leader in energy production and exports.
Egypt is working with the European Union to activate an investment guarantee mechanism worth €1.8 billion, offering additional financing tools for both local and foreign private sector investments.
During the launch of the second progress report for the “NWFE” program, Prime Minister Mostafa Madbouly witnessed the signing of a framework agreement between Al-Mashat and Pilskog, officially incorporating Scatec’s renewable energy projects into the initiative.
As part of its commitment to Egypt’s green energy transition, Scatec also signed an energy purchase agreement with Egypt Aluminum Company to establish a 1 GW solar power plant, which will supply clean energy to the Aluminum Complex in Nagaa Hammadi.
The Norwegian ambassador and Scatec executives expressed appreciation for Al-Mashat’s efforts in facilitating investment opportunities and providing necessary financing mechanisms.
The meeting reinforced the shared vision between Egypt and Norway in advancing renewable energy and promoting sustainable economic growth, positioning Egypt as a key regional hub for green energy development.
