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Scatec, EDF Start Construction of Shadwan Onshore Wind Project in Egypt

MT Newswires·10/01/2026 10:19:39
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10:19 AM EDT, 10/01/2026 (MT Newswires) -- Scatec (SCATC.OL) started the construction of the 900-megawatt Shadwan onshore wind project in Egypt, which carries a total capital expenditure of $716 million, in partnership with EDF power solutions. The Oslo, Norway-listed renewable energy group will provide engineering, procurement and construction, asset management, and operations and maintenance services for Shadwan and the Energy Valley project, according to a Thursday release. To fund the two projects, Scatec secured equity bridge loan agreements totaling $150 million from The Arab Energy Fund, with $50 million allotted to Shadwan and $100 million to Energy Valley. Additionally, Scatec signed a joint development agreement with EDF for a targeted equity stake of 29% in Shadwan, with plans to bring in additional equity partners.