The Norwegian renewables company Scatec has reached financial close for its 1.1 GW Obelisk solar+storage power project in Egypt. The project financing comprises US$479.1m 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% of total estimated capital expenditure of US$590m.
The project, located in Nagaa Hammadi, will also feature a 100 MW/200 MWh battery energy storage system (BESS). Scatec officially started construction of the project in May 2025. The first phase (561 MW of solar + 100 MW/200 MWh BESS) is expected to reach commercial operations in the first half of 2026, while the second phase (564 MW of solar) will be operational in the second half of 2026. The energy from the project will be sold under a 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity