Egypt signs renewable energy deals worth $1.8 billion

Reuters01-11

UPDATE 1-Egypt signs renewable energy deals worth $1.8 billion

Adds detail, paragraphs 3-7

CAIRO, Jan 11 (Reuters) - Egypt has signed renewable energy deals worth a combined $1.8 billion, state TV reported on Sunday.

Among the deals were contracts with Norwegian renewable energy developer Scatec SCATC.OL and China's Sungrow 300274.SZ.

Egypt hopes to have renewable energy reach 42% of its electricity generation mix by 2030, but officials say the goal will be at risk without more international support.

The first project will be the construction by Scatec of a solar energy plant to generate electricity and energy storage stations in Upper Egypt's Minya, an Egyptian cabinet statement said.

It would have a generation capacity of 1.7 gigawatts supported by battery storage systems with total capacity of 4 gigawatt hours.

A second project will be a Sungrow factory to manufacture energy storage batteries at the Suez Canal Economic Zone. A share of the factory's output would be supplied to the first project, the cabinet said.

The deals also include power purchase agreements, with Scatec signing a deal for total capacity of 1.95 gigawatts and 3.9 gigawatt hours of battery storage systems, the Norwegian company said in a statement.

(Reporting by Menna Alaa El-Din, Ahmed Tolba and Momen Saeed AtallahEditing by Tomasz Janowski and David Goodman)

((Menna.AlaaElDin@thomsonreuters.com;))

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