Good afternoon, folks. The usual wind-down comes a little early this week, with Thursday, 9 October off in commemoration of Armed Forces Day today.

We have less than 24 hours to go before this year’s EnterpriseAM Egypt Forum kicks off with breakfast and networking at 8am.

Don’t miss the keynotes. Minister of Planning, Economic Development, and International Cooperation Rania Al Mashat takes the stage at 9am for the first of two keynote interviews.

Join us as we explore the pivotal issues shaping the years ahead, and why they leave us optimistic about the future.

Registration is now closed due to overwhelming demand, but we look forward to seeing those of you who are attending.

THE BIG STORY TODAY-

Scatec’s USD 650 mn Naga Hammadi solar project for EgyptAlum has secured financial backing from a host of international financial organizations (IFOs), according to a joint statement from the planning and public enterprises ministries. The European Bank for Reconstruction and Development, the African Development Bank, and the European Investment Bank each signed letters of intent to finance the project — with produced energy directed towards the state-owned aluminum producer’s nearby complex.

It’s still unknown how much the three IFOs are willing to put down, but the project is expected to be 80% financed through non-recourse project debt, with the remainder to be covered by equity from Scatec and partners. Scatec will be the sole owner initially, but is planning on offloading some stakes to other equity investors in the long-run.

We’re expecting Scatec to soon break ground on the 1 GW solar plant and 200 MWh battery energy storage system, after it inked an agreement with offtaker EgyptAlum to begin implementing the project last July. The project will be executed over 24 months in two 500 MW phases.

This project to power EgyptAlum’s complex comes in preparation for EU’sCarbonBorder Adjustment Mechanism, set to come into effect at the start of next year. Considering that EgyptAlum works in a notoriously energy-intensive sector and exports 60% of its production to Europe, greening production lines now doesn’t just make environmental sense, but economic sense too.

Think you’ve already heard this news? You may be thinking of Scatec’s other Nagaa Hammadi project. The Norwegian renewables player has — confusingly — two 1 GW solar projects in the Nagaa Hammadi area in the south of Egypt, with one of the projects channelling all its output to EgyptAlum and the other sending all electricity to the grid via the Egyptian Electricity Transmission Company (EETC). The project for the EETC — not EgyptAlum — reached financial close in June.

THE BIG STORY ABROAD-

The news cycle appears to be picking up the pace this afternoon, with almost all digital front pages zeroing in on just two stories.

France’s new prime minister, Sebastien Lecornu, unexpectedly tendered his resignation earlier this morning, with French President Emmanuel Macron promptly accepting. The third prime minister in a year, Lecornu’s resignation came hours after his cabinet was revealed, and less than a month after being sworn into office on 9 September. French stocks, as well the EUR, dropped following the news. (CNN | BBC | Washington Post | Guardian | Financial Times | Reuters)

AT HOME- All eyes are on Sharm El Sheikh, where Egypt is hosting delegations from Israel and Hamas to discuss US President Donald Trump’s proposed 20-point ceasefire agreement. On the agenda are ceasefire conditions, including hostage exchange details. Trump estimates that negotiations will last “a couple days,” and urged negotiators to “move fast.”

MEANWHILE- Israeli strikes continue to spread terror across the strip. At least seven Palestinian civilians have been killed since this morning, with at least 15 killed yesterday, and dozens on Saturday. (BBC | CNN | Guardian | Washington Post | ABC)

☀️ TOMORROW’S WEATHER- We’re in for another moderately sunny day in the capital, with temperatures set to peak at 31°C before cooling down to 19°C, according to our favorite weather app.

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