Friday 04 Apr
Minister of Public Business Sector, Mohamed Shimi, reviewed progress on the project to establish a solar power plant supplying clean energy to the Nagaa Hammadi aluminum complex.
This follows a recent agreement between Egypt Aluminium Company (a subsidiary of the Holding Company for Metallurgical Industries) and Norwegian renewable energy leader, Scatec.
The project aligns with Egypt's strategy to increase
reliance on clean energy. Under a Power Purchase Agreement (PPA), Scatec will
finance, construct, and operate a 1000 MW solar plant with 200 MW battery
storage, representing a $650 million investment. This will significantly meet
Egypt Aluminium's electricity needs.
Shimi highlighted the plant's strategic importance in
shifting the aluminium complex towards sustainable energy, reducing operational
costs, improving efficiency, enhancing environmental sustainability, and
boosting the competitiveness of Egyptian aluminium.
He emphasized the project's role in reducing traditional
energy consumption and meeting international carbon emission standards, thereby
enhancing global market competitiveness.
The Minister also noted the project's reflection of Egypt's commitment to foreign investment in renewable energy, a key step towards achieving Egypt's Vision 2030 for sustainable development and the nation's green economy transition. The partnership with Scatec leverages international expertise and fosters collaboration with leading global companies.
