Norwegian renewable energy developer, Scatec ASA, has commenced construction of the 1.1 GW Obelisk solar project in Egypt, which will include an integrated 100 MW/200 MWh battery energy storage system(BESS).
The electricity generated will be sold to the Egyptian Electricity Transmission Company under a 25-year, USD-denominated power purchase agreement, secured with a sovereign guarantee. The project will be developed in two phases: the first phase, involving 561 MW of solar capacity alongside the 100 MW/200 MWh BESS, is expected to be operational by the first half of 2026. The second phase, which will add 564 MW of solar capacity, is slated to reach commercial operations in the second half of 2026. To support the project’s financing, Scatec has secured USD120 million in equity bridge loans. The Arab Energy Fund will provide USD90 million, with a maturity date of Q2 2028, and the European Bank for Reconstruction and Development will contribute USD30 million, maturing in the first quarter of 2027.