Norwegian renewable energy company Scatec has achieved financial close for its ‘Obelisk’ project, which incorporates over 1 gigawatt of solar capacity along with battery storage in Egypt. The project financing totals $479.1 million, sourced from the European Bank for Reconstruction and Development, the African Development Bank, and British International Investment. This financing covers approximately 80% of the total estimated project cost of $590 million.
The development will proceed in two phases. The first phase will consist of 561 megawatts of solar power generation and a battery storage system rated at 100 megawatts with a capacity of 200 megawatt-hours. This phase is anticipated to commence commercial operations in the first half of 2026. The second phase will add another 564 megawatts of solar capacity, scheduled for completion later in the same year.
Electricity generated from the project will be sold under a 25-year power purchase agreement with the Egyptian Electricity Transmission Company, denominated in US dollars. Scatec’s initiative reflects a growing trend of investments in renewable energy infrastructure across Egypt, aimed at enhancing energy security and promoting sustainability.
