Cairo – Mubasher: Egypt Aluminum has signed an agreement with Norwegian company Scatec ASA to build a 1 gigawatt (GW) solar power plant in the Industrial Complex in Naga Hammadi.
Under the agreement, the plant will be built in two phases each has a capacity of 500 megawatts (MW), according to a cabinet statement.
The first phase is planned to be built within 18 months of the date of the agreement, while the second phase is set to be completed within 24 months.
The new solar power plant will be built near Egypt Aluminum’s factory in Naga Hammadi. Scatec will develop and fund the project, in addition to installing equipment and conducting relevant studies.
The recent project comes in line with Egypt Aluminum’s plan to boost production and add new industries and the Egyptian Ministry of Public Business Sector’s efforts to help subsidiaries comply with international sustainability standards, said Minister Mahmoud Esmat.
It is worth highlighting that Egypt Aluminum logged EGP 3.43 billion in net profits after tax during the first half (H1) of fiscal year (FY) 2023/2024, 101% year-on-year (YoY) higher from EGP 1.70 billion.
Egypt Aluminum is a subsidiary of Metallurgical Industries Company, a state-owned company affiliated with the Ministry of Public Business Sector.
