This project will be executed in two phases and has already secured a cooperation agreement with the Ministry of Electricity. Funding for the project will be provided by several renowned international financial institutions.
Prime Minister, Mostafa Madbouly, met with the CEO of the Norwegian company SCATEC, Terje Pilskog, to review a group of renewable energy projects to shift towards an economy based on clean fuels.
In the meeting, Mohammed Amer, the Executive Vice President of SCATEC, discussed the ongoing projects, which involve the creation of a massive electricity storage battery project and the generation of solar energy with a capacity of 1 gigawatt.
This project will be executed in two phases and has already secured a cooperation agreement with the Ministry of Electricity. Funding for the project will be provided by several renowned international financial institutions.
In addition, Amer provided an overview of another ongoing project being explored by the company, which involves the transformation of one of Egypt's largest aluminum factories to operate on renewable energy sources.
He emphasized that this initiative is driven by the goal of mitigating carbon emissions.
Amer further clarified that the initial phase of the project focuses on the construction of a solar energy station with a capacity of 1 gigawatt. Upon completion, this station will enable the aluminum company to meet 58% of its electricity requirements independently, reducing reliance on the national electricity grid.
Furthermore, Amer addressed one of the company's significant initiatives, which involves the establishment of a prominent green ammonia project in one of the northern governorates.
This project aims to produce 150 thousand tons of green ammonia annually, which can be utilized by fertilizer factories.
Additionally, an agreement has been signed to export a portion of the project's production to several European fertilizer factories.
Moreover, Amer mentioned that the company is currently engaged in negotiations with a major international corporation to establish a factory in the Suez Canal Economic Zone for manufacturing components used in electrolyzers that produce green hydrogen.
He further informed that a meeting has been scheduled in the near future with this company, and they will be invited to visit Egypt to explore potential collaboration opportunities.
