Misr Aluminium Company (Egyptalum) has signed an agreement with a newly established project company affiliated with Norway’s renewable energy leader, Scatec, to take concrete steps towards the development of a solar power plant with a total capacity of 1,000 megawatt-hours.

 The project, designed to supply clean electricity to Egyptalum’s aluminum complex in Nag Hammadi, involves an estimated investment of $650 million across two phases.

The project will be executed over 24 months in two consecutive phases, each with a capacity of 500 megawatt-hours, in addition to the installation of battery storage systems with a total capacity of up to 200 megawatts.

Scatec will fully finance, build, and operate the solar power plant under a Power Purchase Agreement (PPA), supplying a significant portion of Egyptalum’s electricity needs from renewable sources.

 Minister of Public Business Sector, Mohamed Shimi, highlighted that this project represents a major leap forward for Egypt’s aluminum industry and aligns with the country’s broader strategy to expand the use of renewable energy.

 The minister described the project as a successful model of collaboration between the public sector, private companies, and international investors.

The minister further explained that the project’s key objectives include reducing operational costs for the aluminum complex, increasing production efficiency, boosting the global competitiveness of Egyptian products, minimizing the use of conventional energy sources, and cutting carbon emissions.

 All these efforts will adhere to international standards of sustainability and environmental responsibility, enabling Egyptalum to maintain its export momentum and expand into new markets.

Currently, the company exports more than 50% of its production, primarily to European Union countries.