German Funding Boost for Scatec's Green Hydrogen Project in Egypt
Key Ideas
- Scatec, a Norwegian solar energy company, secures EUR 30 million from the German Ptx Development Fund for its green hydrogen project in Egypt.
- The total cost of the project is estimated to be €500 million.
- The Ptx Development Fund's grant signifies recognition of the Egypt Green Hydrogen project's importance and maturity, showcasing broad support for the initiative.
- This grant is the first of its kind by the fund, which focuses on backing Power-to-X projects in developing and emerging nations.
Scatec, a leading Norwegian solar energy company, has reached a significant milestone by securing a EUR 30 million grant from the German Ptx Development Fund to finance their green hydrogen initiative in Egypt. The total project cost is projected to reach €500 million, outlining the scale and ambition of this endeavor. This funding injection is a testament to the project's credibility and potential, as highlighted by Scatec's CEO, Terje Pilskog, who expressed satisfaction with the recognition and support received. The Ptx Development Fund's decision to provide this grant underscores its commitment to advancing Power-to-X projects in developing regions. This move not only assists in the promotion of renewable energy solutions but also sets a positive precedent for future collaborations and investments in the green hydrogen sector.