Scatec updates on two Egyptian renewables projects
16 June 2025
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Norwegian renewable energy company Scatec has announced updates on two utility-scale renewable independent power projects (IPPs) in Egypt.
For the first project, it has announced the signing of a 25-year power-purchase agreement (PPA) with Egyptian Electricity Transmission Company (EETC) for a new 900MW onshore wind IPP at Ras Shukeir on the Red Sea coast.
The PPA is denominated in US dollars, allowing it to be derisked from any fluctuations in the value of the Egyptian Pound. It is also sovereign-backed, further reducing development risk.
Scatec will set up a special-purpose vehicle project company called Shadwan Wind Power to develop the IPP. It says it will now proceed to conducting year-long wind measurements at the site before proceeding to financial close and construction.
Separately, the developer has announced financial close on its Obelisk solar power hybrid solar and battery project at Nagaa Hammadi in Upper Egypt, about 80 kilometres northwest of Luxor.
Under the terms of the non-recourse financing, the IPP will receive $479m extended by the European Bank for Reconstruction & Development (EBRD), the African Development Bank (AfDB), and British International Investment (BII).
The financing amount corresponds to approximately 80% of the total estimated capex of $590m, with the difference funded from Scatec’s own equity injections at the end of the construction period after it recently signed equity bridge loans (EBLs) of $120m for the project.
The Oslo-headquartered firm signed the 25-year PPA with EETC in September last year.
The project will be constructed in two phases.
The first phase comprises a 561MW solar and 100MW/200MWh battery storage project, which is targeted to reach commercial operation in the first half of 2026.
The second phase comprises a 564MW solar project, which is expected to reach commercial operation in the second half of the same year.
Scatec itself will deliver engineering, procurement and construction, asset management, and operations and maintenance services for the project.
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Distributed to senior decision-makers in the region and around the world, the June 2025 edition of MEED Business Review includes:
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> AGENDA 1: Data centres churn investments
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> MEED TOP 100: Middle East stocks defy lower oil prices
> SAUDI ARABIA: Riyadh confirms capital expenditure cuts
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> ECONOMIC DATA: Data drives regional projects
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The request for qualifications (RFQs) was issued by the municipality’s Sewerage and Recycled Water Projects Department (SRPD).
The bid submission deadline is 26 February.
The first scheme under the package is TF-16-C1, which involves upgrading and rehabilitating the stormwater system east of the Dubai Canal.
The second, TF-15-C2, will deliver stormwater links along Umm Suqeim Road to serve the Al-Barsha and Al-Quoz communities.
The third project, TF-13-C1, focuses on developing a drainage system for the Al-Marmum area.
Several engineering, procurement and construction (EPC) contracts have been awarded under the Tasreef initiative, which aims to expand Dubai’s rainwater drainage capacity by 700% by 2033
In January, local firm DeTech Contracting won the main contract to construct a stormwater drainage system in Jebel Ali.
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Modon tenders Ras El-Hekma construction contracts
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Abu Dhabi-based developer Modon Holding has tendered several contracts as part of the first phase of development at Ras El-Hekma, a planned new city on Egypt’s Mediterranean coast.
MEED understands that the tenders were issued in January.
These include:
DP3 assets: covering 146 residential villas, 590 three-bedroom townhouses, 356 four-bedroom townhouses, a mall and other associated works.
Bids due on 23 February.
DP4 assets: DP4 includes 54 villas, a clubhouse and other associated infrastructure.
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DP7 assets: 120 five-bedroom villas, 230 seven-bedroom villas, 284 branded residential units and other infrastructural works.
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Modon has accelerated development works at Ras El-Hekma this year. In January, MEED reported that Modon Holding had awarded a E£15bn ($316m) contract for the construction of a project at Ras El-Hekma.
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The scope of the contract covers the construction of residential units, commercial facilities and a 70-key hotel.
In September, MEED reported that Modon Holding had tendered contracts for the infrastructure works for the first phase of the Ras El-Hekma project.
As part of the first phase, Modon plans to develop more than 50 million square metres (sq m), including hotels and a marina.
Ras El-Hekma is on a spur of land on Egypt’s northern Mediterranean coastline, about 240 kilometres west of Alexandria.
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According to an official statement, Modon will act as the master developer for the entire development, which will cover more than 170 million sq m.
Modon Holding will develop the first phase of the project, which will cover 50 million sq m.
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In September 2024, Modon signed several memorandums of understanding (MoUs) with local and international firms to join the development. It signed a framework agreement with Orascom Construction to serve as the primary contractor for the project’s first phase.
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The signing ceremony was held at the Aqaba Special Economic Zone Authority headquarters in Aqaba on 5 February.
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The Al-Madouneh customs centre covers about 1.3 million square metres (sq m) and was inaugurated in June last year.
The announcement followed AD Ports Group’s signing of a shareholders’ agreement in January 2024 between its digital arm, Maqta Gateway, and Jordan’s Aqaba Development Corporation regarding their existing joint-venture company, Maqta Ayla.
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Chinese firm wins Ceer automotive supplier park deal
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Beijing-headquartered Metallurgical Construction Corporation (MCC) has won a contract to undertake the steel structure works on the Ceer automotive supplier park in King Abdullah Economic City (KAEC).
The supplier park is located next to Ceer’s electric vehicle (EV) production facility in KAEC.
The automotive supplier park will include production and ancillary facilities for various suppliers and provide the material supply infrastructure for Ceer’s EV plant.
The facilities include:
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