Scatec ASA has reached financial close for the “Obelisk” hybrid solar and battery storage project in Egypt. The non-recourse project financing comprises USD 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% of total estimated capex of USD 590 million.
“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,” Scatec CEO Terje Pilskog said.
The project will be constructed in two phases. The first phase of 561 MW solar + 100 MW/200 MWh battery storage is targeted to reach commercial operational date (COD) in the first half of 2026. The second phase of 564 MW solar 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 has previously signed equity bridge loans (EBL) of USD 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.
Scatec will deliver Engineering, Procurement and Construction (EPC), Asset Management (AM), and Operations & Maintenance (O&M) services for the project. Scatec’s EPC scope is approximately 70% of total capex.
