Scatec at COP28: Accelerating renewable energy transition from Egypt to South Africa
03 December 2023 - 12:01AM
Scatec at COP28: Accelerating renewable energy transition from
Egypt to South Africa
Dubai, 2 December 2023: This week, Scatec
ASA, a leading renewable energy company, is actively engaging in
the UN Climate Change Conference in Dubai (COP28). Our focus is to
underscore renewable energy as an unequivocal solution to climate
change and emphasise the critical need for increased green energy
investments in emerging markets.
COP28 serves as a pivotal platform for global stakeholders to
reinforce commitments aimed at averting catastrophic consequences
of climate change. Scatec aligns with climate experts in stressing
the urgency of the situation and the imperative to continue
advancing towards the objectives outlined in the Paris Agreement.
There's no time to waste, and collective progress is crucial for
safeguarding our planet's future.
“We are at COP28 to highlight the key role renewable energy must
play in our energy future, "At COP28, our focus is on underscoring
the crucial role renewable energy must assume in shaping our energy
future, particularly in emerging markets," states Scatec CEO Terje
Pilskog. "To achieve our global climate targets, a substantial
escalation of renewable energy solutions across various
technologies is imperative."
Egypt’s first hybrid solar and battery storage
project 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.
Innovative and unique 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.
“We are very pleased with the agreements we were able to
sign during COP28 and thank all stakeholders and parties involved,”
says Pilskog. “A project like the one initiated today reinforces
our commitment together with Egypt and Norway to further
accelerating the renewable energy transition.”
As COP28 gathers world leaders, civil society, and
corporates, Scatec underscores the importance of maintaining
momentum in the pursuit of sustainable solutions. The company’s
plea for collaboration echoes the shared responsibility to address
climate challenges and marks a call to action for a resilient,
green future.
Our goal is to actively engage in conversations that expedite
the green transition. Leveraging our projects, we aim to
demonstrate that impactful change is not only achievable but can
also be realised swiftly and at scale. Key markets hold untapped
potential, serving as catalysts for regional and continental
development.
For further information, please contact: For
analysts and investors: Andreas Austrell, VP IR, phone: +47 974 38
686, andreas.austrell@scatec.com For media: Meera
Bhatia, SVP Communications & Government Affairs,
phone: +47 468 44 959, meera.bhatia@scatec.com About
Scatec 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 www.scatec.com or connect with us
on LinkedIn.
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
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