Scatec ASA’s Egypt Green Hydrogen project has signed an agreement with the PtX Development Fund, securing a €30 million grant to partially fund the project. The total capital expenditure for the initiative is projected at approximately €500 million.
The PtX Development Fund, established by the German Federal Ministry for Economic Cooperation and Development along with KfW, is managed by KGAL. Its goal is to support Power-to-X projects in developing and emerging nations. This funding will help advance Scatec’s efforts in producing green hydrogen and aligns with the fund’s objective of accelerating energy transitions in these regions.
Earlier in 2024, Scatec ASA, along with Hydro Rein and Equinor ASA, began electricity production at the Mendubim solar facility in Rio Grande do Norte, Brazil. The 531 MW solar plant, which includes multiple projects, marks Scatec’s second initiative in Brazil and highlights its collaboration with Norwegian partners Equinor and Hydro Rein.
