Scatec is targetting to reach financial close over the next 12 months. (Image source: Scatec ASA)

Renewable energy solutions provider, Scatec ASA, has signed a 25-year US$-denominated corporate power purchase agreement (PPA) with Egypt Aluminium for a 1.1 GW Solar PV + 100 MW/200MWh BESS project in Egypt backed by a sovereign guarantee.

Egypt Aluminium exports approximately 60% of its production to Europe. This solar PV + BESS project will be instrumental for Egypt Aluminium’s ambition to decarbonise its aluminium production, and to meet EU’s Carbon Border Adjustment Mechanism (CBAM) requirements which will be introduced in 2026.

The key next steps for the project are to work with the relevant authorities to allocate land, finalise grid connection and secure financing, and Scatec targets to reach financial close and start construction within the next 12 months.

“This is another testament to Scatec’s position as one of the leading renewables companies in Egypt. It is a groundbreaking project as it is the first utility scale PPA in the country with an industrial offtaker. I would like to thank all parties involved for making this happen, especially our partners at Egypt Aluminium. Further, our team has shown great persistence and creativity in securing this agreement and bringing new solutions to the market,” said Scatec CEO Terje Pilskog.

The estimated total capital expenditure for the solar PV + BESS project is approximately USD 650 million which will be funded by approximately 80% non-recourse project debt, and the remainder by equity from Scatec and partners. Scatec owns 100% of the project but is targeting to reduce its long-term economic interest by inviting additional equity partners. Scatec will be the designated EPC service provider, with an EPC share of approximately 90% of total capex, as well as asset manager (AM) and operations and maintenance (O&M) service provider.

The report provides expert insights to help oil and gas professionals navigate digital transformation with confidence. (Image source: DataPARC)

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The supplies will be worth US$250mn. (Image source: Adobe Stock)

Seamless tubular solutions provider, Vallourec, will be supplying Algeria's national oil and gas company, SONATRACH, with oil country tubular goods (OCTG) threaded with its premium VAM connections that align with the Algerian market standards

To be delivered over this and the following year, the US$250mn worth supplies solidify Vallourec's already strong presence in the region.

These solutions will be manufactured across several Vallourec’s plants in Brazil, China, France, and Indonesia.

Optimising operations

“This notice of award further establishes Vallourec’s leadership in North Africa, a key region for our premium OCTG solutions. SONATRACH’S continued confidence in VAM connections, based on years of successful field performance, highlights the value we bring to its projects. Thanks to our global industrial footprint, we continue to support our customer in optimising their drilling operations while maintaining the highest standards of quality and reliability,” said Laurent Dubedout, senior vice president OCTG, Services and Accessories. 

Also read 

Vallourec to deliver multiple services for Total's Kaminho project

The contract services will commence in 2026. (Image source: Adobe Stock)

Valaris Limited has been awarded a two-year contract offshore West Africa for drillship VALARIS DS-10

The US$352mn contract is expected to commence late in the second quarter or in the third quarter 2026. The total contract value does not include the provision of additional services, but two unpriced options, each with a duration of one year.

More long-term contracts

President and chief executive officer, Anton Dibowitz, said, “This contract award is a testament to the safety and operational performance of VALARIS DS-10 and its crews, which have an excellent track record of successfully executing clients’ well programmes offshore West Africa. This contract increases our backlog by approximately US$350mn and supports our future earnings and cash flow, and we remain focused on securing additional attractive long-term contracts for our high-specification assets.” 

West Africa has seen enhanced rig activity, with Shelf Drilling and Borr Drilling also announcing contracts since late last year. 

Vitol has been one of the recent entrants to West Africa, acquiring interests worth approximately US$1.65bn.