Scatec, Egyptalum Launch $650M Solar Deal

July 10, 2025

Key Figures & Findings: Egyptalum, a subsidiary of Egypt’s state-owned Metallurgical Industries Holding Company, has signed an agreement with a new project entity backed by Norwegian renewable energy firm Scatec to develop a large-scale solar and battery storage facility. The initiative is part of Egypt’s wider push to green its industrial sector, especially aluminum production, and was announced during a meeting between Minister of Public Enterprises Mohamed Shimi and Norway’s Ambassador to Egypt and Libya, Hilde Klemetsdal. The project will be fully financed and implemented by Scatec, a company with operations across Africa and Asia known for its long-term infrastructure investments under power purchase agreements. The solar plant is expected to meet a significant portion of Egyptalum’s power needs while advancing Egypt’s clean energy targets.

Statistics & Insights: The project comprises a 1,000 MWh solar plant developed in two 500 MWh phases, alongside 200 MW of battery storage. The investment totals $650 million, with Egyptalum already exporting over 50% of its aluminum, primarily to the EU.

Future Implications: The solar facility could cut Egyptalum’s energy costs, lower emissions, and increase production competitiveness by 2027. If successfully implemented, it would boost Egypt’s efforts to decarbonize heavy industry and attract foreign clean energy capital.