Scatec has signed $217 million in non-recourse loans with the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), and the European Investment Bank (EIB) for the first phase of its Dandara project in Egypt, and has started construction.
The first phase combines 569 MW of solar with 100 MWh of battery storage and has a capital cost of USD 271 million, the Norwegian developer said. It is due to begin commercial operation in the first half of 2028, with construction of the second phase expected to start in the first half of 2027. Scatec will act as engineering, procurement and construction contractor, and will provide asset management and operations and maintenance services.
Scatec will hold 56% of the project, while National Bank of Egypt is joining with a 20% stake.
The plant is expected to generate about 1.4 TWh a year and avoid more than 550,000 tonnes of carbon dioxide emissions annually. Scatec said it will help Egypt Aluminium meet evolving trade-related environmental standards.
Egypt signed a preliminary $650 million financing agreement for the full Dandara project earlier this week, according to Reuters.
Scatec signed the power purchase agreement with Egypt Aluminium in March 2025. In August, it completed its 1.1 GW Obelisk solar-plus-storage plant in Egypt, and in January it signed a power purchase agreement for a 1.95 GW solar and 3.9 GWh battery project in the country.
Egypt aims to source 42% of its electricity from renewables by 2030. Its electricity ministry said in February that it planned to add 3 GW of solar and 600 MW of battery storage in 2026.
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