Arab Finance: The Ministry of Public Business Sector has signed letters of intent with international financial institutions to finance the Dandara Solar Energy Project, which will supply clean energy to the Egypt Aluminum Company (Egyptalum) (EGAL) complex in Nag Hammadi, Qena Governorate, as per a statement.

The agreement was signed between Dandara Solar Energy Company, a subsidiary of Norway-based Scatec ASA, and three international financial institutions, namely the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), and the European Investment Bank (EIB).

Scatec ASA, through its Egyptian subsidiary, will build and operate the project for 25 years.

The solar plant is expected to meet a significant portion of Egyptalum’s electricity needs and reduce greenhouse gas emissions by up to 30%, making it the first large-scale industrial decarbonization project in the region.

The initiative aims to boost EgyptAlum’s competitiveness under the EU Carbon Border Adjustment Mechanism (CBAM) and reinforce Egypt’s position in the green industrial transformation.

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