Egyptian Prime Minister Mustafa Madbouly was present on Monday for the signing ceremony of a memorandum of understanding (MoU) between the Egyptian Electricity Transmission Company (EETC) and the Norwegian company Scatec ASA. The MoU aims to initiate studies for the electrical interconnection project between Egypt and Europe, which will facilitate the export of renewable energy from Egypt to Europe via Italy.
The MoU was signed by Sabah Mashaly, Chairperson and Managing Director of the EETC, and Terje Pilskog, CEO of Scatec ASA.
Minister of Electricity and Renewable Energy Mohamed Shaker emphasized that the MoU strengthens the cooperation between Egypt and the European Union, particularly in the field of energy, including renewable energy. The agreement will also enhance collaboration and coordination in the export of electric energy to Europe through Italy.
Sabah Mashali stated that the scope of the MoU encompasses collaborative efforts to conduct preparatory studies for the implementation of a project that will export renewable energy to Europe via Italy. The project will involve the use of a marine interconnection line with a minimum capacity of 3 gigawatts.
Mashaly highlighted several steps and procedures outlined in the MoU, including Scatec's requirement to obtain approval from the Italian network operator and to engage an international consultant with expertise in similar electrical interconnection projects. The consultant's responsibilities will include identifying renewable energy sources for energy export and determining the necessary infrastructure elements. Furthermore, the consultant will determine the route of the submarine cable required for the project and recommend the most suitable method for its implementation, taking into account environmental and social sustainability standards.
Mashaly added, “Upon completion of the project studies and approval by the EETC, discussions and agreements will commence regarding the steps for implementing the project. The goal is to export renewable energy to Europe via Italy in coordination with the transmission network operator in Italy.”
Terje Pilskog, CEO of Scatec ASA, stated, “Based on the project study outcomes and the acceptance of these results by the network operators in Egypt and Italy, Scatec ASA will lead the project development activities. It will primarily be responsible for securing project financing at competitive rates from international financial institutions, ensuring a long repayment period. This will be achieved through mutual agreement between the Egyptian and Italian parties.”
