Norway's Scatec signs pact to refinance projects in Egypt

MENA , Wednesday 27 Apr 2022

Prime Minister Mostafa Madbouly attended on Wednesday in Cairo the signing of a cooperation protocol by Norway's Scatec and its partners to refinance six projects they own in Benban solar park in Aswan, with a production capacity of 380 megawatts.

PM Mostafa Madbouly attending the signing ceremony in Cairo on Wednesday (Photo: Egyptian Cabinet)


Under the agreement, Scatec, which is a leading renewable power producer, and its partners will refinance the projects with 19-year green bonds worth $334.5 million through a host of international investment institutions.

The agreement was signed by Chairman of Banque Misr Mohamed El-Etreby, Scatec CEO Terje Pilskog, Chairman of the Egyptian Electricity Transmission Company Sabah Mashali, Executive Chairman of New and Renewable Energy Authority Mohammed El-Khayat, and Assistant Finance Minister Sherine El-Sharkawi.

Egypt has implemented multiple renewable energy projects over the past decade, including the Benban solar park, which houses more than 32 solar energy projects from photovoltaic cells with a total capacity of about 1,465 megawatts.

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