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Scatec’s Solar Surprise: Nagaa Hammadi Plant Doubles Down at USD 1.1 Billion

EgyptAlum’s bold move to boost production & green credentials

What:

Last week, Scatec, the Norwegian renewable energy specialist, dropped a bombshell: their planned solar plant to juice up EgyptAlum’s Nagaa Hammadi industrial hub will cost a hefty USD 1.1 billion. This move is part of EgyptAlum’s grand strategy to boost production, follow global sustainability lines, and slash its carbon footprint.

So What:

Brace yourself for some serious wattage! This solar wonderland is set to churn out a whopping 2 gigawatts of clean power, double what we heard just last month. Scatec’s already in motion, handling the financing, studies, development, and gear installation.

Remember:

According to Abdelkhalek Mohammed, Equity Strategist at Thndr Securities Brokerage, electricity contributes around 40-50% of the cost of aluminum production.

Now What:

While the original plan penciled in the first 500-megawatt phase within 17 months and the second in two years, we’re left hanging on a new timeline. Neither Scatec nor the powers-that-be have dropped any hints on when to expect the expanded solar spectacle.