Egyptian President Abdel Fattah El-Sisi met with representatives from Scatec, a leading renewable energy solutions provider, to discuss significant projects aimed at bolstering the country’s green energy sector.
The meeting centred around Scatec’s plans to develop a green hydrogen production project in Ain Sokhna, as well as two green ammonia production projects in the Suez Canal Economic Zone and Damietta. These ventures are expected to attract investments totalling $6 billion and $870 million, respectively, furthering Egypt’s commitment to sustainable energy solutions.
In addition to the hydrogen and ammonia projects, President El-Sisi and Scatec discussed a major wind power initiative worth $5.6 billion. This ambitious project, with a capacity of 5 GW, will be implemented in stages over the coming years. The wind power project aligns with Egypt’s efforts to expand its renewable energy portfolio and enhance its energy independence.
Scatec’s reputation as a global leader in renewable energy solutions solidifies its position as a strategic partner for Egypt’s green energy ambitions. The company specializes in accelerating access to reliable and affordable clean energy in emerging markets, making them an ideal collaborator in the country’s renewable energy initiatives.
During the meeting, plans for a new green methanol production project in Damietta were also discussed. The project, set to receive investments totalling approximately $450 million, marks Egypt’s first foray into green methanol production. Green methanol is a clean and sustainable alternative to traditional methanol, and its production aligns with Egypt’s broader vision for a greener and more sustainable economy.
The meeting also touched on the progress of the electricity linkage project between Egypt and Europe, emphasizing the commitment to enhance energy cooperation between the two regions. This project holds immense potential for Egypt’s energy sector, facilitating the exchange of electricity and bolstering the country’s position as a regional energy hub.
Pilksog, the representative from Scatec, expressed the company’s dedication to expanding its investments in Egypt in the years to come. Pilksog praised Egypt’s remarkable progress in developing its infrastructure across various sectors, while also acknowledging the positive and conducive investment climate created by the Egyptian government.
President El-Sisi emphasized the importance of foreign investments in Egypt and their contribution to the country’s export capacities. The collaboration with Scatec aligns with Egypt’s vision to attract foreign investments that not only drive economic growth but also support the country’s transition to a more sustainable and environmentally friendly energy landscape.
The meeting between President El-Sisi and Scatec officials was attended by Prime Minister Mostafa Madbouly, Minister of Electricity and Renewable Sources Mohamed Shaker, and Norwegian Ambassador to Cairo Hilde Klemetsdal. The presence of high-level government officials and international partners underscores the significance of the discussed projects and highlights the commitment to transforming Egypt into a green energy leader.
Egypt’s pursuit of green energy initiatives through partnerships with international corporations demonstrates the country’s ambition to position itself as a regional hub for renewable energy and combat climate change. The signing of multiple Memoranda of Understanding (MoUs) with renowned companies for investments in green hydrogen underscores Egypt’s commitment to reducing carbon emissions and embracing a sustainable energy future.
