Latest news with #Obelisk
NZ Herald
12-08-2025
- Business
- NZ Herald
Engineering firm Obelisk Industrial goes bust, BNZ and Kiwibank among creditors owed $11m
Ecovis' report said the company was in trouble for several months prior to the liquidators' appointment, 'caused by the current economic environment, high levels of debt, and exacerbated by a complete lack of governance on the part of the director'. Ecovis said attempts to restructure the business failed, 'culminating with an alleged misappropriation of a significant amount of funds by the director'. Secured creditors, including Kiwibank and BNZ, were owed $6.7m while more than was $1m was due to preferential creditor Inland Revenue. Unsecured creditors were owed $2.5m. The largest asset quantified as available to be realised was $2.2m in related-party receivables. A day after it entered liquidation, United Steel appointed receivers KhovJones under the terms of a general security agreement to try to recover the $240,007 it was owed. The administrators' reports said the liquidators and receivers were working together to try to sell the business and assets of the company as a going concern. Obelisk's website said it offered crane hire and performed welding, seismic strengthening and fabricated structural steel and provided an explanation for its name. 'An Obelisk represents the enormous power that hides behind the daily decisions made by everyone involved in a team. It also signifies the need for every person to dedicate their efforts to the advancement of a single goal – to ultimately leave behind an achievement that will continue to stand in both metaphorical and literal terms,' the company said. A request for comment to the Culham family, sent through a representative, was not responded to by publication. Matt Nippert is an Auckland-based investigations reporter covering white-collar and transnational crimes and the intersection of politics and business. He has won more than a dozen awards for his journalism – including twice being named Reporter of the Year – and joined the Herald in 2014 after having spent the decade prior reporting from business newspapers and national magazines.
The Age
28-06-2025
- Lifestyle
- The Age
This sustainable and chic material is all the rage, and homewares start from $12
This story is part of the June 29 edition of Sunday Life. See all 13 stories. Warm, tactile and eco-friendly, it's no wonder cork is having a moment. The versatile material is perfect for walls, floors and, surprisingly, furniture. Where to buy: Nine 'Tee' side table, $433; Iris Hantverk soap dish, $12; KEY PIECE Bring joy to the table with Capra Designs place mats, $65 (set of two); Capra Designs 'Tic Tac Toe' game, $79. Where to buy: Eurowalls metallic cork wall covering, from $495 a roll; Vitra 'L'Oiseau' bird, $395; Bonnie and Neil side table, $595; Citta tray, $35. Where to buy: Matilda Goad 'Obelisk' lamp, $US500; New Works 'Material' pendant light, $284; Brunello Cucinelli tamburello set, $2458; Mind the Cork 'Bloem' planters, $39 each.
Sydney Morning Herald
28-06-2025
- Lifestyle
- Sydney Morning Herald
This sustainable and chic material is all the rage, and homewares start from $12
This story is part of the June 29 edition of Sunday Life. See all 13 stories. Warm, tactile and eco-friendly, it's no wonder cork is having a moment. The versatile material is perfect for walls, floors and, surprisingly, furniture. Where to buy: Nine 'Tee' side table, $433; Iris Hantverk soap dish, $12; KEY PIECE Bring joy to the table with Capra Designs place mats, $65 (set of two); Capra Designs 'Tic Tac Toe' game, $79. Where to buy: Eurowalls metallic cork wall covering, from $495 a roll; Vitra 'L'Oiseau' bird, $395; Bonnie and Neil side table, $595; Citta tray, $35. Where to buy: Matilda Goad 'Obelisk' lamp, $US500; New Works 'Material' pendant light, $284; Brunello Cucinelli tamburello set, $2458; Mind the Cork 'Bloem' planters, $39 each.
Yahoo
16-06-2025
- Business
- Yahoo
Scatec's Obelisk solar project in Egypt attains financial close
Renewable energy solutions provider Scatec has reached financial close for its Obelisk hybrid solar and battery storage project in Egypt, which is to be delivered in two phases. Scatec will provide engineering, procurement and construction (EPC), asset management (AM), and operations and maintenance (O&M) services for the Obelisk project, with the EPC scope accounting for roughly 70% of the total capex. The non-recourse project financing includes $479.1m provided by the European Bank for Reconstruction and Development (EBRD), African Development Bank (AfDB), and British International Investment (BII). The amount covers approximately 80% of the total estimated capital expenditure of $590m. Scatec CEO Terje Pilskog said: 'Reaching financial close for this project marks a major milestone for Scatec. It proves our ability to deliver large-scale hybrid projects. "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.' The project's first phase comprises 561MW of solar power and 100MW/200MWh of battery storage. It is expected to reach commercial operational date (COD) in the first half of 2026. The second phase will add another 564MW of solar capacity in the latter half of the same year. Under a 25-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC), the generated energy will be sold in US dollars and is backed by a sovereign guarantee. Scatec previously secured equity bridge loans (EBL) totalling $120m for the project, which allows for the postponement of project equity injections until the end of the construction period. Furthermore, the company is in advanced talks with potential equity partners, with the expectation that these discussions will conclude in the coming months. "Scatec's Obelisk solar project in Egypt attains financial close" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
16-06-2025
- Business
- Yahoo
Scatec signs PPA for 900MW wind project in Egypt
Scatec has entered a 25-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for the 900MW Shadwan wind power project. The agreement, signed through Scatec's dedicated project company Shadwan Wind Power, aims to strengthen Egypt's transition towards a sustainable renewable energy mix. The wind power project will be located in Ras Shukeir, recognised for some of the world's most favourable conditions for onshore wind power generation. Scatec CEO Terje Pilskog stated: 'This project is a testament to Scatec's position as one of the leading renewables companies in Egypt. 'We are now advancing four major renewables projects in the country, with a diversified technology base. I would like to thank all parties involved for making this happen, with a particular acknowledgement to the skills and persistence of our Egyptian team.' Comprehensive wind measurements will shortly be conducted at the site. These measurements are scheduled to conclude in the first quarter of 2026. In a related development, Scatec has announced the closure of a non-recourse project financing of $479.1m for the 1.1GW Obelisk solar and battery storage project being developed in the Nagaa Hammadi region of Egypt. The financing is being provided by the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB) and British International Investment (BII). The financing amount represents 80% of the total estimated capital expenditure of $590m. The Obelisk solar project will be developed in two phases, with the first phase comprising 561MW of solar power and 100MW/200 megawatt hours (MWh) of battery storage. It is expected to achieve its commercial operational date in the first half of 2026. The second phase, which will add 564MW of solar capacity, is scheduled for completion in the latter half of 2026. The generated energy from the project will be sold under a 25-year PPA with the EETC. Scatec has previously secured equity bridge loans amounting to $120m for the project. Pilskog stated: 'Reaching financial close for this project marks a major milestone for Scatec. It proves our ability to deliver large-scale hybrid projects. '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.' In early June 2025, Scatec was awarded preferred bidder status for the 123MW/492MWh Haru battery energy storage system project in South Africa. "Scatec signs PPA for 900MW wind project in Egypt" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
