{"id":656507,"date":"2024-12-05T00:00:00","date_gmt":"2024-12-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/05\/cabinet-grants-scatec-golden-license-for-usd-600-mn-1-gw-solar-project\/"},"modified":"2024-12-05T00:00:00","modified_gmt":"2024-12-05T00:00:00","slug":"cabinet-grants-scatec-golden-license-for-usd-600-mn-1-gw-solar-project","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/05\/cabinet-grants-scatec-golden-license-for-usd-600-mn-1-gw-solar-project\/","title":{"rendered":"Cabinet grants Scatec golden license for USD 600 mn, 1 GW solar project"},"content":{"rendered":"

Scatec\u2019s Obelisk Solar was granted a golden license for a USD 600 mn solar project<\/strong> over a 16.3 sq km area in Nagaa Hammadi during a cabinet meeting<\/a> yesterday. The project is set to produce 1 GW of power and have a 200 MWh battery storage system, with its output to be bought by the national grid.<\/p>\n

The first 500 MW are set to go online in February 2026<\/strong>, with the remaining 500 MW to start feeding the grid starting August 2026. <\/p>\n

The news clears up some confusion as to why Scatec\u2019s project to power EgyptAlum <\/strong>seemed to abruptly <\/strong>double in size<\/a><\/strong> back in March. The Norwegian renewables player\u2019s project to build a 1 GW solar plant to power EgyptAlum\u2019s aluminum complex \u2014 also in Nagaa Hammadi \u2014 has been in the works<\/a> since at least January and made official<\/a> the month after, but a statement<\/a> from Qena Governorate soon after seemed to contradict Scatec\u2019s agreement with the Public Enterprises Ministry by doubling the capacity of the project.<\/p>\n

It looks like the 2 GW, USD 1.1 bn project is actually two projects<\/strong>, split between a 1 GW solar plant for EgyptAlum and a second 1 GW project that will send its output to the Egyptian Electricity Transmission Company (EETC) \u2014 which is the one that just got a golden license. <\/p>\n

In less confusing news, Scatec also inked a 900 MW power purchase agreement with the <\/strong>EETC<\/strong>, but it\u2019s not clear if the 900 MW will be from an entirely new and unannounced project or a project already in the works.<\/p>\n

The cabinet also greenlit land for solar and wind projects to power Scatec\u2019s green<\/strong> ammonia venture in Damietta. <\/strong>Damietta Green Ammonia Company \u2014 a JV established by Scatec, the Egyptian Petrochemical Holding Company, and Misr Fertilizer Production Company (Mopco) \u2014 has been allocated land in the Gulf of Suez for wind projects and another plot on the west side of the Nile for a solar power project to power the USD 900 mn plant<\/a>, under the agreement.<\/p>\n","protected":false},"excerpt":{"rendered":"

The news clears up some confusion as to why Scatec\u2019s project to power EgyptAlum seemed to abruptly double in size back in March<\/p>\n","protected":false},"author":1,"featured_media":656508,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7207],"tags":[93,72,151,573],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-656507","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-energy","tag-enterpriseam","tag-renewables","tag-scatec","wpautop","entry"],"acf":{"mongo_id":"e25a7c1b-b989-4a32-9351-dbf821b8c895","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/500.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Cabinet grants Scatec golden license for USD 600 mn, 1 GW solar project","related_issue":[656499],"teaser":"The news clears up some confusion as to why Scatec\u2019s project to power EgyptAlum seemed to abruptly double in size back in March","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.bb157d06-0054-40ec-acc2-72079cf86274.mp3"},"yoast_head":"\nCabinet grants Scatec golden license for USD 600 mn, 1 GW solar project - 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The lender will contribute USD\u2026","rel":"","context":"In "Green economy"","block_context":{"text":"Green economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/green-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/323.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546122,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/28\/scatec-to-issue-green-bonds-worth-usd-335-mn\/","url_meta":{"origin":656507,"position":2},"title":"Scatec to issue green bonds worth USD 335 mn","author":"enterpriseam admin","date":"28 April 2022","format":false,"excerpt":"Norway\u2019s Scatec will issue USD 335 mn worth of green bonds to refinance its six solar plants in Benban, according to two separate cabinet statements (here and here). An agreement was signed to allow Scatec to go ahead with the plan during a meeting between Prime Minister Mostafa Madbouly, Scatec\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/393.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":662362,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/16\/scatec-inks-ppa-with-egyptalum-for-1-1-gw-solar-plant\/","url_meta":{"origin":656507,"position":3},"title":"Scatec inks PPA with EgyptAlum for 1.1 GW solar plant","author":"enterpriseam admin","date":"16 March 2025","format":false,"excerpt":"The renewables player is hoping to break ground on the project in the next 12 months","rel":"","context":"In "RENEWABLES"","block_context":{"text":"RENEWABLES","link":"https:\/\/enterpriseam.com\/egypt\/category\/renewables\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/3\/1178.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":616848,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/12\/scatecs-nagaa-hammadi-solar-plant-is-going-to-be-twice-as-big-as-we-thought-cost-usd-1-1-bn\/","url_meta":{"origin":656507,"position":4},"title":"Scatec\u2019s Nagaa Hammadi solar plant is going to be twice as big as we thought, cost USD 1.1 bn","author":"enterpriseam admin","date":"12 March 2024","format":false,"excerpt":"The project is part of EgyptAlum\u2019s plan to ramp up production, comply with global sustainability and manufacturing standards","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/877.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591937,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/22\/equinor-acquires-additional-stake-in-scatec-solar\/","url_meta":{"origin":656507,"position":5},"title":"Equinor acquires additional stake in Scatec Solar","author":"enterpriseam admin","date":"22 December 2019","format":false,"excerpt":"M&A WATCH- Norway\u2019s Equinor has acquired an additional 5.2% stake in Norwegian solar power company Scatec Solar for USD 83.9 mn, according to a statement from Equinor. The move brings the total ownership stake of Equinor in Scatec Solar to 15.2%. \u201cThrough this acquisition of additional shares in Scatec, Equinor\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/656507","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=656507"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/656507\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/656499"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/656508"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=656507"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=656507"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=656507"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=656507"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=656507"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}