PM witnesses signing of $650M solar power project agreements

Prime Minister Mostafa Madbouly attended on Monday evening the signing of an initial financing agreement for the Dandara solar power project in Nag Hammadi, Qena Governorate, with a capacity of 1,000 megawatts and 200 megawatt-hours of battery storage, and total investments of around $650 million. The agreement was signed by Norwegian company Scatec, the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), and the African Development Bank (AfDB). Agreements were also signed to connect the project to the national electricity grid and for the National Bank of Egypt to contribute to the project company. Minister of Electricity and Renewable Energy Mahmoud Esmat attended the ceremony. The project will be implemented in two phases. Each phase will add 500 megawatts of solar power capacity and 100 megawatt-hours of battery storage. The project aims to meet around one-third of Egypt Aluminium’s electricity needs, helping reduce carbon emissions from aluminium production and improve the competitiveness of Egyptian products in international markets, particularly amid growing environmental requirements for exports. The signings mark an important step toward completing the project’s financing and implementation arrangements. The project reflects cooperation between the Egyptian government, Scatec, international financial institutions, and national banks to support the transition to clean energy, reduce carbon emissions, and strengthen the competitiveness of Egyptian industry and exports. Back to top button