Egypt signs preliminary financing agreement on $650 million solar project in Upper Egypt

​Egypt has ‌signed a ​preliminary financing agreement with ‌Norway's Scatec and three multilateral development banks for a $650 ‌million solar power project ‌in the southern province of Qena, the ⁠cabinet ​said ⁠on Monday.

Egypt is scaling up renewable ⁠energy projects to ​reduce its natural gas import ⁠bill, targeting a 42% ⁠share ​of renewable energy in its electricity ⁠generation mix by 2030.