EGYPT: Scatec Awarded EUR 30M Grant from PtX Development Fund for Green Hydrogen project

Scatec ASA’s Egypt Green Hydrogen project has today signed an agreement with the PtX Development Fund for a grant of EUR 30 million for partial financing of the project which will have a total capex of approximately EUR 500 million.

The PtX Development Fund is established by the German Federal Ministry for Economic Cooperation and Development and KfW, and managed by KGAL, with the aim to support Power-to-X projects in developing and emerging countries. This is the first grant approved by the fund.

“We are pleased that our Egypt Green Hydrogen project has been recognised with this EUR 30 million grant from the German government and KfW Group through the PtX Development Fund. This achievement is a testament to the maturity of the project and reaffirms the broad support we have for this project,” says Scatec CEO Terje Pilskog.