Egypt signs renewable energy contracts worth $1.8 billion

State TV reported that Egypt had signed renewable energy contracts worth $1.8 billion.

Contracts were signed with Scatec, a Norwegian renewable energy developer and Sungrow from China.

Officials say that without international support, Egypt's goal of having renewable energy make up 42% or its electricity mix by 2030 is at risk.

Scatec will build a solar power plant in Upper Egypt’s Minya to produce electricity and energy storage stations, according to a statement from the Egyptian cabinet.

The system would be able to generate 1.7 gigawatts and store them in battery systems that have a total capacity of four gigawatt-hours.

The second project is a Sungrow?factory that will manufacture energy storage batteries in the Suez Canal Economic Zone. The cabinet announced that a share of the factory's production would be provided to the first project.

Scatec signed a power purchase agreement for a total of 1,95 gigawatts of capacity and 3.9 gigawatts of battery storage systems. The Norwegian company announced the deal in a press release. Reporting by Menna alaa El Din, Ahmed Tolba, and Momen Saeed atallah. Editing by Tomaszjanowski and David Goodman.

(source: Reuters)