Scatec reached financial close for Obelisk PV & BESS project in Egypt

Norway-headquartered Scatec ASA has reached financial close for the Obelisk hybrid solar and battery storage project in Egypt. It has secured $479.1 million in funding from EBRD, AfDB and BII, covering 80% of the $590 million project cost. The project will be developed in two phases. Phase one includes 561 MW of solar and 100 MW/200 MWh battery storage by early 2026, followed by 564 MW of solar in phase two by late 2026. A 25-year USD-denominated PPA has been signed with EETC, backed by a sovereign guarantee. Scatec provides EPC, AM, and O&M services, with the EPC scope comprising 70% of the capex. The company has raised $120 million in equity bridge loans and is finalizing equity partnership agreements.Scatec ASA, also awarded a 288 MW solar project in South Africa, has reached financial close for Egypt’s Obelisk project.