{"id":673178,"date":"2025-10-07T00:00:00","date_gmt":"2025-10-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/10\/07\/scatecs-solar-project-for-egyptalum-secures-ifo-backing-2\/"},"modified":"2025-10-07T00:00:00","modified_gmt":"2025-10-07T00:00:00","slug":"scatecs-solar-project-for-egyptalum-secures-ifo-backing-2","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/10\/07\/scatecs-solar-project-for-egyptalum-secures-ifo-backing-2\/","title":{"rendered":"Scatec\u2019s solar project for EgyptAlum secures IFO backing"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Scatec\u2019s USD 650 mn Naga<\/strong><strong> Hammadi <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cf3f9eb3-4f44-4e37-91d1-38c3c42143e3\/scatec-inks-ppa-with%253cmark%253e-egyptalum%253c%2Fmark%253e-for-1.1-gw-solar-plant\" style=\"\" rel=\"noopener\">solar project for EgyptAlum<\/a><\/strong><strong> secured <\/strong><strong>financial backing from a host of international financial organisations (IFOs)<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0rEHZxWfA4JaupdN2cjb5QJypmBm9maLP5SxJgvuCZM4wSkes5j4X9X4zi58TGZC6l\" style=\"\" rel=\"noopener\">joint statement<\/a> 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 energy produced directed toward the state-owned aluminum producer\u2019s nearby aluminum complex. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s still unknown how much the three IFOs are willing to put down<\/strong>, 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 it is planning on offloading some stakes to other equity investors in the long run.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019re expecting Scatec to soon break ground on the 1 GW solar plant and 200 MWh <\/strong><strong>battery energy storage system<\/strong>, after it <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/04a67674-fa0e-4c5d-a03c-e2a669259fdd\/china%25e2%2580%2599s-state-grid-to-invest-usd-500-mn-in-two-solar-projects\" style=\"\" rel=\"noopener\">inked an agreement<\/a> with offtaker EgyptAlum to begin implementing the project in July. The project will be executed over 24 months in two 500 MW phases.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This project to power EgyptAlum\u2019s complex comes in preparation for the EU\u2019s<\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/63f69456-ee23-4b0d-ab40-cf8156033b69\/fertilizer,-cement,-steel,-and-aluminum-exporters-need-to-prepare-for-the-eu%25e2%2580%2599s-carbon-border-adjustment-mechanism\" style=\"\" rel=\"noopener\"><\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/63f69456-ee23-4b0d-ab40-cf8156033b69\/fertilizer,-cement,-steel,-and-aluminum-exporters-need-to-prepare-for-the-eu%25e2%2580%2599s-carbon-border-adjustment-mechanism\" style=\"\" rel=\"noopener\">Carbon<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/63f69456-ee23-4b0d-ab40-cf8156033b69\/fertilizer,-cement,-steel,-and-aluminum-exporters-need-to-prepare-for-the-eu%25e2%2580%2599s-carbon-border-adjustment-mechanism\" style=\"\" rel=\"noopener\">Border Adjustment Mechanism (CBAM)<\/a><\/strong>, 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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Think you\u2019ve already heard this news? You may be thinking of Scatec\u2019s other Nagaa <\/strong><strong>Hammadi project. <\/strong>The Norwegian renewables player has \u2014 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e25a7c1b-b989-4a32-9351-dbf821b8c895\/cabinet-grants-scatec-golden-license-for-usd-600-mn,-1-gw-solar-project\" style=\"\" rel=\"noopener\">confusingly<\/a> \u2014 two 1 GW solar projects in the Nagaa Hammadi area in Upper Egypt, with one of the projects channeling 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 \u2014 and not EgyptAlum \u2014 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6d749228-a364-4ba8-a378-8bdccfeb1356\/%253cmark%253escatec%253c%2Fmark%253e%25e2%2580%2599s-usd-600-mn-obelisk-solar-project-reaches-financial-close\" style=\"\" rel=\"noopener\">reached financial close<\/a> in June.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Scatec will develop and operate the plant under a 25-year agreement<\/p>\n","protected":false},"author":1,"featured_media":673179,"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":[93,72,150,573,7234],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-673178","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-energy","tag-enterpriseam","tag-renewable-energy","tag-scatec","tag-solar-power","wpautop","entry"],"acf":{"mongo_id":"04a9c216-f613-47c9-804b-6b6346f7cf8e","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/10\/348.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Scatec\u2019s solar project for EgyptAlum secures IFO backing","related_issue":[673173],"teaser":"Scatec will develop and operate the plant under a 25-year agreement","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/10\/.ae75d52d-0441-4a90-863b-1a1de9fa118c.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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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\u2019s EnterpriseAM Egypt Forum kicks off with breakfast and networking at 8am.Don\u2019t miss the keynotes. 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The lender will contribute USD\u2026","rel":"","context":"In &quot;Green economy&quot;","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":673178,"position":4},"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 &quot;DEBT WATCH&quot;","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":676956,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/12\/09\/scatec-brings-norfund-and-edf-as-equity-partners-in-obelisk\/","url_meta":{"origin":673178,"position":5},"title":"Scatec brings Norfund and EDF as equity partners in Obelisk","author":"enterpriseam admin","date":"9 December 2025","format":false,"excerpt":"EDF will take a 20% stake in the project SPV, leaving Scatec and Norfund with total economic interests of 60% and 20%","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/12\/515.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/673178","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=673178"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/673178\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/673173"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/673179"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=673178"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=673178"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=673178"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=673178"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=673178"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}