Norwegian renewable energy company Scatec plans to invest up to $5 billion in Egypt over the next two years across renewable desalination, green data centres, solar and wind power, energy storage and related infrastructure.

The plan was outlined during a meeting between Prime Minister Mostafa Madbouly and Scatec executives at the government headquarters in the New Administrative Capital. The meeting was attended by Electricity and Renewable Energy Minister Mahmoud Esmat, Norwegian Ambassador to Egypt Erik Husem, Scatec CEO Terje Pilskog and Scatec MENA Executive Vice-President Mohamed Amer.

Madbouly said Egypt values its strategic partnership with Scatec and the company’s role in expanding renewable energy capacity in the country. He noted that Scatec’s projects support Egypt’s plans to increase the share of clean energy in its power mix, strengthen energy security, reduce carbon emissions and maximise the use of available natural resources.

The prime minister highlighted progress on Scatec’s Obelisk solar project in Qena, where the company is nearing completion of the second phase.

Scatec executives said the company’s current and planned project portfolio in Egypt represents around $5 billion in investments across renewable energy, battery storage and industrial infrastructure.

The Obelisk project is among Africa’s largest solar and battery-storage developments, with planned capacity of 1.1 GW of solar power and 200 MWh of battery energy storage. The first phase, comprising 500 MW of solar capacity and 200 MWh of storage, has already entered operation, while the second phase is expected to come online by the end of the month.

The company also reviewed its Energy Valley project, which is planned to include 1.75 GW of solar generation and 4 GWh of battery storage. The project is designed to provide stable clean electricity around the clock, supporting industrial expansion, attracting investment and improving Egypt’s economic competitiveness.

Other projects discussed included the 900 MW Shadwan wind farm in Ras Shukeir and the Dandara solar project, which is set to supply Egypt Aluminium with 1 GW of solar power and 200 MWh of battery storage.

The Dandara project is expected to help Egypt Aluminium maintain the competitiveness of its exports to European markets and support compliance with the European Union’s Carbon Border Adjustment Mechanism.

Electricity Minister Mahmoud Esmat described Scatec as an important strategic partner for Egypt’s electricity and renewable energy sector, noting that the ministry is closely monitoring the implementation of the company’s projects.

Scatec said Egypt has become one of its most important strategic markets globally, citing the country’s investment opportunities, progress in project delivery and continued government support. The company reaffirmed its commitment to accelerating implementation and meeting all contractual obligations according to agreed timelines.

Norwegian Ambassador Erik Husem said Norway supports Scatec’s projects in Egypt, reflecting confidence in the Egyptian market and the role of the projects in advancing clean energy and economic development.