Scatec plans to pump new investments into the Egyptian market in green projects.
Counselor Mohamed Abdel Wahab, Chief Executive Officer of the General Authority for Investment and Free Zones (GAFI CEO), met with Mr. Terje Pilskog, Chairman of the Board of Directors of Scatec International, to discuss Scatec’s expansion in the Egyptian market. The meeting was attended by Ms. Hilde Klemetsdal, Ambassador of Norway to Egypt, and Mr. Mohamed Amer, Scatec General Manager for Egypt and North Africa.
GAFI CEO stressed GAFI’s keenness to provide support to the company in course of implementing its expansion. This support will be manifest in completing as soon as possible all procedures required for implementing the expansion.
During the meeting, various investment frameworks and incentives were presented, especially the Golden License (a comprehensive approval issued by the Council of Ministers), which allows the investor to obtain all licenses/permits/approvals necessary for setting up the expansion project.
On his part, Mr. Pilskog indicated that the company's expansion plan in the Egyptian market is to establish a project to generate wind energy with a capacity of 3GW. Another project will also be dedicated to starting the production of ammonia from green hydrogen as a way to benefit from the new incentives accorded to green projects. In addition, Egypt possesses distinct potentials for producing green hydrogen.
Mr. Pilskog added that the expansion comes within the framework of the success achieved by the company in the Egyptian market. He also praised the economic reforms carried out by the Republic of Egypt, and the Government’s efforts, particularly GAFI’s efforts, to provide various aspects of support to the company. He also commended the Comprehensive Approval (Golden License) procedure stressing that Scatec would set up its expansion project via this procedure.
It should be noted that Scatec Solar is one of the largest foreign companies operating in Egypt in the field of new and renewable energy, and Egypt is the company's regional center for the Middle East, North and West Africa.
