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Arab Finance: Minister of Investment and Foreign Trade Mohamed Farid met with Terje Pilskog, CEO of Norwegian renewable energy company Scatec, to discuss strengthening cooperation in renewable energy and green investment, according to a statement.
The meeting focused on expanding joint work in line with Egypt’s strategy to attract quality foreign direct investment (FDI) and deepen partnerships with major international companies.
Farid emphasized the state’s commitment to providing a stable and attractive investment climate that supports the expansion of sustainable projects.
He also noted that renewable energy is a core pillar of Egypt’s FDI strategy, supported by the country’s competitive advantages and strategic location as a potential regional hub for clean energy.
Farid added that the government is working to streamline procedures and simplify licensing through clear and transparent mechanisms that help accelerate project implementation and improve economic feasibility for investors.
He highlighted the importance of localizing technology and increasing the local component in large-scale projects.
Pilskog reaffirmed Scatec’s commitment to expanding its investments in Egypt, citing the improving business environment and effective cooperation with relevant authorities.
He expressed appreciation for the government’s support for renewable energy projects and said the company is keen to transfer its global expertise and broaden its partnerships in Egypt to support the transition to a green economy and advance sustainable development.
Both sides stressed the importance of continued cooperation in the coming phase, which they said would reinforce Egypt’s position as a leading destination for sustainability and green transformation investments and help attract higher value-added foreign direct investment.
The meeting reviewed Scatec’s global activities as an international developer, financier, constructor, and operator of renewable energy projects, with a portfolio spanning solar and wind power, battery energy storage systems, and ongoing expansion into green hydrogen and ammonia across several markets.
Discussions also covered Scatec’s existing investments in Egypt, described as a key market within the company’s regional expansion strategy.
Officials noted that Egypt’s renewable energy potential and strategic location enhance opportunities to export energy and low-carbon products, particularly to European markets.
The meeting further reviewed expansion plans for solar power projects and electricity storage systems aimed at providing clean and stable energy around the clock, supporting export-oriented industries and improving their competitiveness.
