EBRD backs Scatec for 1 GW solar BESS project in Egypt

Obelisk Solar Power, owned by Scatec ASA, received a $30 million EBRD loan for a 1 GW solar and 200 MWh BESS project in Nagaa Hammadi, Egypt.

By Prudhvi Rani 13 May 2025 in Market Bytes Project Bytes

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The project piloted hybrid solar and storage technology and was projected to cut 1.357 million tons of CO₂ annually in Egypt. Image Source: EBRD

UK-based The European Bank for Reconstruction and Development (EBRD) provided a $30 million equity bridge loan to Obelisk Solar Power. Obelisk is a project company owned by Scatec ASA. The loan supports the development of a 1 GW (AC) solar plant in Nagaa Hammadi, Egypt. The plant will include 200 MWh of battery storage. The project falls under Egypt’s Nexus on Water, Food and Energy programme. This programme was launched at COP27. The project serves as a pilot for hybrid renewable energy technologies. It has been projected to cut CO2 emissions by 1.357 million tons annually. It also aims to help maintain grid reliability. Recently, EBRD-backed international tender for three solar PV plants in Bosnia.

#NagaaHammadi #ObeliskSolarPower #ScatecASA #EBRD

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