President Abdel-Fattah El-Sisi met with the CEO of Norwegian SCATEC to discuss the company’s growing investments in Egypt’s renewable energy and green hydrogen projects. The meeting between the Egyptian president 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.
Al Sisi also reviewed Scatec’s green hydrogen project in Al-Ain Al-Sokhna, with investments worth around $ 6 billion. The first phase of the project has been already launched. On its completion, Egypt will become the first country ever to produce this type of renewable energy. They also discussed the company’s two joint green ammonia production projects in the Suez Canal Economic Zone and Damietta with investments at a value of $ 870 million.
Further, the meeting discussed a wind power project, with total investments at a value of $5.6 billion to achieve a production capacity of 5 GW. The project will be carried out in several stages over the coming years, said the presidency. Both sides also discussed the joint green methanol production project in Damietta and the electricity linkage project between Egypt and Europe, the Egyptian presidency stated.
During the meeting, Pilskog confirmed the company’s commitment to expand its investments in Egypt in the years to come, according to the Egyptian presidency.
He applauded Egypt’s outstanding development of its infrastructure in various sectors.
The Norwegian company’s CEO also spoke of the company’s positive experience with the investment climate in Egypt, citing the firm political will of the government to remove any obstacles facing the project, said Fahmy.
On the other hand, Egyptian President Abdel-Fattah El-Sisi lauded the cooperation with Norway in the field of renewable energy and green hydrogen, according to Fahmy.
El-Sisi said that such cooperation reflects the measures that the country implements to develop mechanisms to facilitate private sector participation and to attract leading global companies in green energy.
He added that the establishment of such projects adds to the volume and value of Egyptian exports and boosts the overall capacity of the national economy.
Over the past year, Egypt has signed several MoUs with international entities to attract foreign investment in green hydrogen and establish itself as a hub for hydrogen production.
A day earlier, officials from both the company and Egypt signed the agreement to establish the country’s first green methanol production project in Damietta Port with investments worth about $450 million.
Egypt’s National Climate Strategy 2050, released in May 2022, sets out the country’s carbon reduction goals, for promoting the use of renewable energy sources and exploring alternative energy forms such as green hydrogen.
