Investment Minister Discusses Scatec's Plans To Expand Investments In Egypt

(MENAFN- Daily News Egypt) Hassan El-Khatib, Minister of Investment and Foreign Trade, met with Erik Husem, Ambassador of Norway to Cairo; Terje Pilskog, CEO of Norwegian renewable energy company Scatec; and Gelsomina Vigliotti, Vice-President of the European Investment Bank, to discuss Scatec's plans to expand its investments in the Egyptian market and support renewable energy projects and sustainable solutions. The meeting was attended by Mohamed El-Goski, CEO of the General Authority for Investment and Free Zones (GAFI).

The discussions reviewed areas of cooperation between the state and Scatec in the solar energy sector, highlighting the company's pivotal role in supporting Egypt's efforts to increase the share of renewable energy in the targeted electricity mix by 2030.

El-Khatib affirmed that the government attaches great importance to attracting investments that combine economic feasibility with environmental sustainability, noting that renewable energy represents one of the main growth drivers in the coming phase. He pointed to Egypt's strong natural potential and the availability of infrastructure capable of accommodating large-scale projects in this field.

The minister stressed the Ministry of Investment and Foreign Trade's commitment to supporting the expansion plans of leading global companies operating in Egypt, underscoring ongoing efforts to create an attractive investment climate and provide supportive legislative and regulatory frameworks. These measures, he said, contribute to accelerating project implementation and ensuring long-term sustainability.

He added that the meeting addressed Scatec's plans to increase and diversify its investments in Egypt, particularly in projects related to water desalination powered by renewable energy and the establishment of green data centres relying on clean energy sources. Such projects, El-Khatib said, would enhance the competitiveness of the Egyptian economy while supporting digital transformation and reducing the country's carbon footprint.

El-Khatib also affirmed the ministry's support for Scatec's investment plans through coordination with relevant authorities to provide the necessary land and facilitate procedures, helping translate these plans into operational projects that generate tangible added value for the national economy.

For his part, Norwegian Ambassador Erik Husem said Norway places great importance on strengthening economic and investment cooperation with Egypt, noting that partnerships with leading Norwegian companies in renewable energy reflect the depth of bilateral relations and support joint efforts towards clean energy transition and sustainable development.

Meanwhile, Scatec CEO Terje Pilskog expressed the company's appreciation for its ongoing cooperation with the Egyptian government, describing Egypt as a strategic market for Scatec's investments in the Middle East and Africa, given the clarity of the government's vision and the promising opportunities available in renewable energy and green solutions.

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