Scatec at COP28: Accelerating renewable energy transition from Egypt to South Africa

Dubai, 2 December 2023: This week, Scatec ASA, a leading renewable energy company, is actively engaging in the UN Climate Change Conference in Dubai (COP28). Our focus is to underscore renewable energy as an unequivocal solution to climate change and emphasise the critical need for increased green energy investments in emerging markets.

COP28 serves as a pivotal platform for global stakeholders to reinforce commitments aimed at averting catastrophic consequences of climate change. Scatec aligns with climate experts in stressing the urgency of the situation and the imperative to continue advancing towards the objectives outlined in the Paris Agreement. There's no time to waste, and collective progress is crucial for safeguarding our planet's future.

"We are at COP28 to highlight the key role renewable energy must play in our energy future, "At COP28, our focus is on underscoring the crucial role renewable energy must assume in shaping our energy future, particularly in emerging markets," states Scatec CEO Terje Pilskog. "To achieve our global climate targets, a substantial escalation of renewable energy solutions across various technologies is imperative."

Egypt’s first hybrid solar and battery storage project
As part of these efforts, Scatec today signed a landmark early-stage cooperation agreement together with the Egyptian Electricity Holding Company (EEHC) for a future 1 gigawatt (GW) solar and 200 MWh battery storage project, during a signing ceremony in Dubai today. In connection with this agreement, the African Development Bank Group (AfDB) has signed a letter of intent for the financing package of the project at competitive terms. Next steps in the initial development phase include securing land lease agreements and grid connection for the project.

Innovative and unique
A solar and battery storage plant uniquely combines two renewable technologies, addressing intermittency challenges, enhancing grid stability, and providing reliable, green power. Dispatchable power production and the ability to release stored energy during peak demand make hybrid plants ideal for meeting region-wide energy needs during periods of high consumption.

 "We are very pleased with the agreements we were able to sign during COP28 and thank all stakeholders and parties involved,” says Pilskog. "A project like the one initiated today reinforces our commitment together with Egypt and Norway to further accelerating the renewable energy transition.”

 As COP28 gathers world leaders, civil society, and corporates, Scatec underscores the importance of maintaining momentum in the pursuit of sustainable solutions. The company’s plea for collaboration echoes the shared responsibility to address climate challenges and marks a call to action for a resilient, green future. 

Our goal is to actively engage in conversations that expedite the green transition. Leveraging our projects, we aim to demonstrate that impactful change is not only achievable but can also be realised swiftly and at scale. Key markets hold untapped potential, serving as catalysts for regional and continental development.

For further information, please contact:
For analysts and investors: Andreas Austrell, VP IR, phone: +47 974 38 686,  andreas.austrell@scatec.com  
For media: Meera Bhatia, SVP Communications & Government Affairs, phone: +47 468 44 959, meera.bhatia@scatec.com

About Scatec  
Scatec is a leading renewable energy solutions provider, accelerating access to reliable and affordable clean energy emerging markets. As a long-term player, we develop, build, own, and operate renewable energy plants, with 4.3 GW in operation and under construction across four continents today. We are committed to grow our renewable energy capacity, delivered by our passionate employees and partners who are driven by a common vision of ‘Improving our Future’. Scatec is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SCATC’. To learn more, visit www.scatec.com or connect with us on LinkedIn.  

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act