THIS EVENING: Scatec to build 1-GW solar plant to power EgyptAlum’s Nagaa Hammadi complex

Good afternoon, ladies and gentlemen, and happy hump day. The news cycle hasn’t let up yet as we are bracing ourselves for a busy end of the week.

THE BIG STORY TODAY-

Another 1 GW solar plant by Scatec is officially underway: Norwegian renewables developer Scatec is set to build a 1-GW solar power plant to generate energy for EgyptAlum’s Nagaa Hammadi industrial complex under an agreement inked by the two parties, according to a ministrystatement. The move is part of state-owned EgyptAlum’s plan to ramp up production, comply with global sustainability and manufacturing standards, and lower its carbon footprint.

We knew this was coming:We first heard about the Nagaa Hammadi solar power plant lastmonth, when the Public Enterprises Ministry announced that it had opened talks with Scatec over the project.

The timeline: The first 500-MW phase of the project will be completed within 18 months, while the second phase is set to wrap up in two years.

Scatec is doing some heavy lifting: The developer will finance the project, conduct studies, build the plant, and install the needed equipment.

ICYMI: Scatec inked agreements with the government to establish a 1-GW solar and 200-MWhbattery storage project — the first in the country — and a USD 1.1 bn green methanol project in December 2023.

HAPPENING NOW

Hamas political bureau chief is in town: A Hamas delegation led by Ismail Haniyah are holding talks with Egyptian officials about developments of ceasefire talks amid persistent Israeli aggression, Hamas said in a statement on Telegram.

THE BIG STORY ABROAD

Neuralink is gaining traction in the international press this afternoon: A patient implanted with the brain tech can now control a computer mouse using their mind without any visible side effects, Elon Musk said in an X Spaces session. After receiving their FDA approval in May, Musk’s startup installed the first implant in January using a robot. Neuralink’s goal is for humans to control tech using their brains as well as restore lost vision, motor skills, and speech, but the rigorous testing process means it will be a while before FDA approval. (CNBC)

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• 2024 off to a good start despite regional tensions: Tourist arrivals in the first 40 days of this year were up 5% from the same period last year.
• We’re getting more gas from Israel: The Israeli Energy Ministry has greenlit an agreement that will see Israel increase its gas exports to Egypt from Chevron’s offshore Tamar field starting July 2025.
• Macroeconomic challenges weighed on M&As last year: Egypt saw a 53% y-o-y decrease in the number of mergers and acquisitions in 2023 to 139 transactions, whose total value also dropped 62% to USD 3.5 bn amid geopolitical and macroeconomic challenges.

?️ TOMORROW’S WEATHER- Expect a mostly sunny day with some clouds as the mercury reaches a high of 22°C during the day and drops to a low of 13°C in the evening, according to our favorite weather app.