Dubai, 2 December 2023:As part of these efforts, Scatec today signed a landmark early-stage cooperation agreement together with the Egyptian Electricity Holding Company (EEHC) for a future 1 gigawatt (GW) solar and 200 MWh battery storage project, during a signing ceremony in Dubai today. In connection with this agreement, the African Development Bank Group (AfDB) has signed a letter of intent for the financing package of the project at competitive terms. Next steps in the initial development phase include securing land lease agreements and grid connection for the project.A solar and battery storage plant uniquely combines two renewable technologies, addressing intermittency challenges, enhancing grid stability, and providing reliable, green power. Dispatchable power production and the ability to release stored energy during peak demand make hybrid plants ideal for meeting region-wide energy needs during periods of high consumption.For analysts and investors: Andreas Austrell, VP IR, phone: +47 974 38 686,  [email protected] media: Meera Bhatia, SVP Communications & Government Affairs, phone: +47 468 44 959, [email protected]Scatec is a leading renewable energy solutions provider, accelerating access to reliable and affordable clean energy emerging markets. As a long-term player, we develop, build, own, and operate renewable energy plants, with 4.3 GW in operation and under construction across four continents today. We are committed to grow our renewable energy capacity, delivered by our passionate employees and partners who are driven by a common vision of ‘Improving our Future’. Scatec is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SCATC’. To learn more, visit 
(GlobeNewsWire)