CAIRO, June 15 (Reuters) - Egypt signed a financial closure deal on Sunday with Norwegian renewable energy developer Scatec (SCATC.OL) , opens new tab for a 1 gigawatt solar plant, which will allow the project to move into its construction phase, the Egyptian cabinet said.

The project will involve a $600 million investment, a cabinet statement said.

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The government also signed a power purchase agreement for a 900 megawatt wind project that is being developed in the Gulf of Suez with Scatec. Investment in the project is estimated at $1 billion.

Egypt is aiming for renewable energy to provide 42% of its electricity generation mix by 2030. However, the country has in recent years relied heavily on natural gas, with solar, wind, and hydropower making up only 11.5% of its electricity generation.

https://www.reuters.com/sustainability/climate-energy/egypt-signs-financial-closure-deal-with-norways-scatec-1-gw-solar-plant-2025-06-15/