01:17 AM EDT, 10/29/2026 (MT Newswires) -- Scatec ASA (SCATC.OL) signed loan agreements worth $217 million for the first phase of its Dandara solar project in Egypt. The first phase includes a 100-megawatt-hour battery storage system and a 569-megawatt solar plant, according to a Wednesday release. The project will supply electricity to Egypt Aluminium under a 25-year power purchase agreement backed by a sovereign guarantee. The renewable energy group said the non-recourse project financing from the European Bank for Reconstruction and Development, African Development Bank, and European Investment Bank covers 80% of the phase's estimated $271 million capital expenditure. The National Bank of Egypt will take a 20% stake in the project, leaving Scatec with a 56% ownership interest after the transaction. Scatec will provide engineering, procurement and construction, asset management, and operations and maintenance services. With construction starting, commercial operations are targeted for the first half of 2028. Construction of the second phase is expected to begin in the first half of 2027.

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.