Egypt signed a financial closure deal on Sunday with Norwegian renewable energy developer Scatec for a 1 gigawatt solar plant, which will allow the project to move into its construction phase, the Egyptian cabinet said.
The project will involve a $600 million investment, a cabinet statement said.
The government also signed a power purchase agreement for a 900 megawatt wind project that is being developed in the Gulf of Suez with Scatec. Investment in the project is estimated at $1 billion.
Egypt is aiming for renewable energy to provide 42% of its electricity generation mix by 2030. However, the country has in recent years relied heavily on natural gas, with solar, wind, and hydropower making up only 11.5% of its electricity generation.
(Reporting by Momen Saeed Atallah)
