Norwegian renewable energy developer Scatec plans to inject an additional $5 billion into Egypt over the next two years, doubling its existing portfolio in the country and expanding into data centers alongside solar, wind, and storage projects.
The commitment emerged from a meeting between Egypt’s Minister of Investment and Foreign Trade, Mohamed Farid, and Scatec’s senior leadership, including Chief Executive Officer Terje Pilskog. Mohamed Awad, Chief Executive of the General Authority for Investment and Free Zones (GAFI) — Egypt’s primary investment promotion and licensing body — also attended, along with Norway’s Ambassador to Egypt, Erik Husem.
Scatec, which entered Egypt in 2015 and is the country’s largest solar developer, currently holds investments valued at approximately $5 billion. The new commitment covers renewable energy, desalination, and data center projects, and is set to be deployed within two years.
Farid said the government is pressing ahead with an economic reform programme aimed at improving the business environment and attracting greater investment, adding that renewable energy and green industries remain priorities for supporting economic growth and boosting exports.
Pilskog reaffirmed that Egypt ranks among Scatec’s most important markets across Africa and the Middle East, and credited government support as instrumental to the company’s operational success and expansion plans.
Projects in the pipeline
Scatec’s active Egyptian project portfolio is substantial. The company is developing the 1.1 gigawatt (GW) Obelisk solar project in Qena, paired with 200 megawatt-hours (MWh) of battery storage, and the 1.75 GW Energy Valley renewable energy development, which includes 4 gigawatt-hours (GWh) of storage capacity.
The company is also advancing the 900-megawatt (MW) Shadwan Wind Farm at Ras Shukeir, and the 1 GW Dandara solar project. Dandara is designed to supply Egypt Aluminum with clean electricity, supporting low-carbon industrial production and positioning the aluminium producer to compete in export markets increasingly sensitive to carbon content.
Beyond power generation, Scatec has been active in green hydrogen, green ammonia, and seawater desalination — sectors that align with Egypt’s broader ambitions to develop export-oriented green industries.
Egypt as a gateway to Africa
Husem said Norwegian companies regard Egypt as a strategic market and a key gateway to the African continent, pointing to the growth of economic ties between the two countries as evidence of strong business confidence on both sides.
The framing reflects a wider pattern among European energy developers, who increasingly treat Egypt — with its abundant solar and wind resources, proximity to European energy markets via undersea cable projects, and large domestic industrial base — as a launchpad for broader African and regional operations.
For African business readers, Scatec’s scale in Egypt illustrates the kind of anchor investment that can catalyse green industrial supply chains across the continent, particularly as demand grows for low-carbon aluminium, green ammonia, and data infrastructure.
