Scatec reaches financial close for Obelisk hybrid solar and BESS project in Egypt
Norway-headquartered renewable enerrgy company Scatec ASA announced on Sundaty that it has reached financial close for the Obelisk hybrid solar and battery energy storage system (BESS) project in Egypt.
According to a Scatec press statement, the non-recourse project financing comprises $479.1 million provided by the European Bank for Reconstruction and Development (EBRD), African Development Bank (AfDB), and British International Investment (BII).
The financing amount corresponds to approximately 80 percent of total estimated capex of $590 million.
"We are proud to partner with leading development finance institutions to support Egypt's clean energy ambitions, and we look forward to delivering this important project together with our partners,' said Scatec CEO Terje Pilskog.
Last month, the company had announced that it commenced construction of the project, which marks Egypt's first large-scale hybrid solar and BESS development.
The project is being developed in two phases. The first phase, comprising 561 MW of solar capacity and 100 MW/200 MWh of battery storage, is scheduled to achieve commercial operation in the first half of 2026.
The second phase, adding 564 MW of solar power, is expected to come online in the second half of 2026.
The energy will be sold under a USD-denominated 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company (EETC), backed by a sovereign guarantee.
Scatec previously signed equity bridge loans (EBL) of $120 million for the project, postponing the project equity injections to the end of the construction period.
The company is also in advanced discussions with potential equity partners, expected to conclude in the next few months, according to the statement.
Scatec will deliver Engineering, Procurement and Construction (EPC), Asset Management (AM), and Operations & Maintenance (O&M) services for the project. The EPC scope accounts for approximately 70 percent of the project's total capital expenditure.
In February 2025, Zawya Projects had reported that the UAE-based renewable energy company AMEA Power signed Capacity Purchase Agreements (CPAs) with the Egyptian government to develop the first standalone BESS stations in the country.
(Writing by SA Kader; Editing by Anoop Menon)
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Scatec reaches financial close for Obelisk hybrid solar and BESS project in Egypt
Norway-headquartered renewable enerrgy company Scatec ASA announced on Sundaty that it has reached financial close for the Obelisk hybrid solar and battery energy storage system (BESS) project in Egypt. According to a Scatec press statement, the non-recourse project financing comprises $479.1 million provided by the European Bank for Reconstruction and Development (EBRD), African Development Bank (AfDB), and British International Investment (BII). The financing amount corresponds to approximately 80 percent of total estimated capex of $590 million. "We are proud to partner with leading development finance institutions to support Egypt's clean energy ambitions, and we look forward to delivering this important project together with our partners,' said Scatec CEO Terje Pilskog. Last month, the company had announced that it commenced construction of the project, which marks Egypt's first large-scale hybrid solar and BESS development. The project is being developed in two phases. The first phase, comprising 561 MW of solar capacity and 100 MW/200 MWh of battery storage, is scheduled to achieve commercial operation in the first half of 2026. The second phase, adding 564 MW of solar power, is expected to come online in the second half of 2026. The energy will be sold under a USD-denominated 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company (EETC), backed by a sovereign guarantee. Scatec previously signed equity bridge loans (EBL) of $120 million for the project, postponing the project equity injections to the end of the construction period. The company is also in advanced discussions with potential equity partners, expected to conclude in the next few months, according to the statement. Scatec will deliver Engineering, Procurement and Construction (EPC), Asset Management (AM), and Operations & Maintenance (O&M) services for the project. The EPC scope accounts for approximately 70 percent of the project's total capital expenditure. In February 2025, Zawya Projects had reported that the UAE-based renewable energy company AMEA Power signed Capacity Purchase Agreements (CPAs) with the Egyptian government to develop the first standalone BESS stations in the country. (Writing by SA Kader; Editing by Anoop Menon)
