Scatec ASA, a Norway-based renewable energy company, has signed a 25-year USD-denominated corporate PPA with Egypt Aluminium for a 1.1 GW PV and 200 MWh BESS project in Egypt, backed by a sovereign guarantee. Scatec stated that the next steps include land allocation, grid connection finalization, and securing financing, with financial close and construction expected within 12 months. The project’s estimated capital expenditure is $650 million, with 80% funded through non-recourse project debt and the remainder from Scatec and partners’ equity. Scatec, currently the sole owner, plans to oversee EPC and O&M services, add equity partners to cover 90% of EPC costs, along with asset management.