NEWS

Scatec ASA ("Scatec"), a leading renewable energy solutions provider, in partnership with EDF power solutions (“EDF”), has started construction of the 900 MW Shadwan onshore wind project in Egypt. In connection with the project, Scatec has signed equity bridge loan (EBL) agreements totalling USD 150 million with The Arab Energy Fund (TAEF). The 3-year EBL facility comprises USD 50 million for Shadwan and USD 100 million for the 1,950 MW solar 3,935 MWh BESS Energy Valley project.

Scatec has also signed a joint development agreement with EDF, for a targeted equity stake of 29% in Shadwan, and intends to invite additional equity partners into the project.

The 900 MW Shadwan project with a total capex of USD 716 million will be one of the largest onshore wind farms in Africa. The project is expected to generate approximately 4 TWh annually and avoid an estimated 1.6 million tons of CO2 emissions annually. Shadwan will be delivered through Scatec’s highly capital-efficient integrated model, optimising Scatec’s equity funding requirement by combining the equity bridge loan from TAEF with cash flows generated from Scatec’s D&C activities.

Scatec has signed mandate letters with a consortium of development finance institutions for long-term non-recourse project financing at attractive terms, with financial close for both projects and construction start also for Energy Valley expected by year end. Scatec will deliver Engineering, Procurement and Construction (EPC), Asset Management (AM) and Operations & Maintenance (O&M) services for both projects. Shadwan will be built in phases with the first phase expected to reach COD at the end of 2027.