Scatec signs PPA with Egypt Aluminium for major solar + BESS project

13 Mar 2025 11:07 CET

Oslo/Cairo, 13 March 2025: Scatec ASA, a leading renewable energy solutions
provider, today signed a 25-year USD-denominated corporate Power Purchase
Agreement (PPA) with Egypt Aluminium for a 1.1 GW Solar PV + 100 MW/200MWh BESS
project in Egypt backed by a sovereign guarantee.

Egypt Aluminium is the largest aluminium producer and industrial electricity
consumer in Egypt and exports approximately 60% of its production to Europe.
This solar PV + BESS project will be instrumental for Egypt Aluminium's ambition
to decarbonise its aluminium production, and to meet EU's Carbon Border
Adjustment Mechanism (CBAM) requirements which will be introduced in 2026.

The key next steps for the project are to work with the relevant authorities to
allocate land, finalise grid connection and secure financing, and Scatec targets
to reach financial close and start construction within the next 12 months.

"This is another testament to Scatec's position as one of the leading renewables
companies in Egypt. It is a groundbreaking project as it is the first utility
scale PPA in the country with an industrial offtaker. I would like to thank all
parties involved for making this happen, especially our partners at Egypt
Aluminium. Further, our team has shown great persistence and creativity in
securing this agreement and bringing new solutions to the market," says Scatec
CEO Terje Pilskog.

The estimated total capital expenditure for the solar PV + BESS project is
approximately USD 650 million which will be funded by approximately 80% non-
recourse project debt, and the remainder by equity from Scatec and partners.
Scatec owns 100% of the project but is targeting to reduce its long-term
economic interest by inviting additional equity partners. Scatec will be the
designated EPC service provider, with an EPC share of approximately 90% of total
capex, as well as asset manager (AM) and operations and maintenance (O&M)
service provider.

For further information, please contact:
For analysts and investors:
Andreas Austrell, VP IR
andreas.austrell@scatec.com (mailto:andreas.austrell@scatec.com)
+47 974 38 686

For media:
Meera Bhatia, SVP External Affairs & Communications
meera.bhatia@scatec.com (mailto:meera.bhatia@scatec.com)
+47 468 44 959

About Scatec

Scatec is a leading renewable energy solutions provider, accelerating access to
reliable and affordable clean energy emerging markets. As a long-term player, we
develop, build, own, and operate renewable energy plants, with 4.8 GW in
operation and under construction across five continents today. We are committed
to grow our renewable energy capacity, delivered by our passionate employees and
partners who are driven by a common vision of 'Improving our Future'. Scatec is
headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the
ticker symbol 'SCATC'. To learn more, visit www.scatec.com or connect with us on
LinkedIn.


This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act

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