• Egypt signs deals to finance 1.1 GW Dendera solar project

• Plant to cut EgyptAlum emissions 30% under 25-year PPA

• Project supports Egypt’s 10 GW renewables, EU export compliance

Egyptian Ministers Mohamed Shimi (Public Business Sector) and Rania Al-Mashat (Planning) on Monday attended the signing of letters of intent to finance the Dendera solar project, which will supply renewable power to the EgyptAlum industrial complex in Nag Hammadi, Qena Governorate.

The 1.1-gigawatt (GW) facility will be developed and operated by Norway’s Scatec ASA through its Egyptian subsidiary under a 25-year Power Purchase Agreement (PPA). The project is expected to cut greenhouse-gas emissions from aluminum production by about 30%.

The letters of intent were signed with the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), and the European Investment Bank (EIB), in the presence of Norway’s ambassador to Egypt. The three lenders will review the project’s financing structure over the coming months.

The project forms part of Egypt’s NWFE (Nexus of Water, Food and Energy) program, which targets 10 GW of renewable capacity by 2028 and supports industrial decarbonization.

 By securing renewable energy, EgyptAlum, which exports more than half its output mainly to the European Union, is moving to meet the EU’s Carbon Border Adjustment Mechanism (CBAM) requirements.

Abdoullah Diop