Egypt Signs USD 4 Billion Solar Deal to Power EgyptAlum

A USD 4 billion deal will see Dendera Solar Project supply renewable power to the Aluminium Company of Egypt (EgyptAlum) in Qena, as part of efforts to expand clean energy use within Egypt’s industrial sector. The company is one of the country’s key aluminium producers and exporters. The project is being developed by Scatec ASA, a Norwegian renewable energy company, under a 25-year agreement with Dendera Solar Energy Company. 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) to finance the initiative. According to official statements, the project is expected to reduce EgyptAlum’s carbon emissions by around 30% by replacing part of its energy supply with solar power. It also aligns with international environmental standards such as the EU Carbon Border Adjustment Mechanism (CBAM), which affects energy-intensive exports. The Dendera Solar Project forms part of the National Wind and Solar Future Energy (NWFE) programme, which aims to add 10 GW of renewable capacity by 2028. Since its launch in 2022, the programme has mobilised approximately $4 billion in concessional financing for private-sector renewable projects. Officials including Minister of Public Business Mohamed Shimi, Minister of Planning Rania Al-Mashat, and Norwegian Ambassador Erik Høeg attended the signing ceremony, where the project was described as a step toward expanding renewable energy use across Egypt’s industrial landscape.