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New Energy World™
New Energy World™ embraces the whole energy industry as it connects and converges to address the decarbonisation challenge. It covers progress being made across the industry, from the dynamics under way to reduce emissions in oil and gas, through improvements to the efficiency of energy conversion and use, to cutting-edge initiatives in renewable and low-carbon technologies.
Scatec signs PPA with Egypt Aluminium for major solar and BESS project
26/3/2025
News
Scatec has signed a 25-year power purchase agreement (PPA) with Egypt Aluminium for a 1.1 GW solar PV and 100 MW/200 MWh battery energy storage system (BESS) project in Egypt backed by a sovereign guarantee.
Scatec is working with authorities to secure land, finalise grid connections and arrange financing, aiming to reach financial close and begin construction within the next 12 months.
As Egypt’s largest aluminium producer and its top industrial electricity consumer, Egypt Aluminium exports around 60% of its production to Europe. The new solar and storage project will aim to help the company reduce its carbon footprint and comply with the European Union’s Carbon Border Adjustment Mechanism, which takes effect in 2026.
The project’s estimated total investment is $650mn, with approximately 80% funded through non-recourse project debt and the remainder through equity from Scatec and partners.
Scatec will retain 100% ownership in the initial phase but plans to invite additional equity partners to optimise long-term investment. As the engineering, procurement and construction service provider, Scatec will oversee 90% of total capital expenditures, in addition to managing asset management and operations and maintenance services.
New report spotlights Morocco’s solar investment potential
To the west, Morocco’s solar energy sector is emerging as a prime destination for international investment, according to a new report from SolarPower Europe, supported by the Global Solar Council and Cluster EnR. The report provides insights into the country’s renewable energy landscape and outlines actionable recommendations for policymakers and investors.
The country aims to achieve 52% of installed electricity capacity from renewables by 2030 with solar power central to its energy transition. In the report, the most likely ‘medium’ scenario forecasts that Morocco will reach 2.27 GW of total installed solar capacity by 2027, and 2.97 GW by 2028.
Sonia Dunlop, Chief Executive Officer, Global Solar Council, said: ‘Morocco has been a solar pioneer in Africa, and we expect another 2.2 GW of solar capacity to be added by 2028. With a robust regulatory framework, long-term ambition and rising electricity demand catalysed by the country’s green hydrogen strategy, costs will continue to plummet for solar, opening new investment opportunities.’
