Scatec Expanding Renewable Energy Presence in North Africa with Egypt and Tunisia Projects
Key Ideas
  • Scatec solidifies its presence in North Africa with projects in Egypt and Tunisia, focusing on solar, battery storage, and onshore wind to drive expansion.
  • In Egypt, Scatec signed a PPA for a hybrid solar and battery project and entered into an ammonia offtake agreement for a green hydrogen project.
  • The company plans to allocate divestment proceeds to corporate debt repayments and aims for financial flexibility through a capital-efficient model.
  • Scatec reports strong financial performance in Q3 2024, with revenue and EBITDA showing significant year-on-year increases.
Norway-headquartered renewable energy firm Scatec has highlighted its expansion in North Africa through projects in Egypt and Tunisia, emphasizing solar, battery storage, and onshore wind developments. Egypt is identified as a core market for Scatec, with a 1.1 GW solar plant and 100 MW/200 MWh battery energy storage system set to be built under a 25-year PPA with the Egyptian Electricity Transmission Company. Additionally, the company, through Egypt Green Hydrogen, has secured agreements for a 100 MW green hydrogen project powered by wind and solar, with partial funding from Germany. Scatec's Egypt portfolio shows ambitious growth plans, aiming to leverage partnerships for renewable capacity expansion to 38 GW by 2030. In Tunisia, Scatec has begun constructing 120 MW solar power plants, showcasing a 'equity last' financing approach for optimized cash flows. The company's Q3 2024 financial report reveals significant revenue and EBITDA growth, indicating a positive trend in operational performance and future prospects.
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