Scatec begins 1.1 GW Obelisk solar project in Egypt

Backed by a 25-year PPA, Scatec has initiated Egypt’s 1.1 GW Obelisk solar project with 100 MW/200 MWh storage, securing $120 million from Arab Energy Fund and EBRD.

By Karthik Srivasthav G 06 May 2025 in Project Bytes EMEA Bytes

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Scatec has structured the Obelisk project in two phases, with completion targeted across 2026. Image Source: Scatec

Scatec ASA, which is a Norway-based renewable energy developer, has initiated Egypt’s 1.1 GW Obelisk solar project with 100 MW/200 MWh of battery storage. The Obelisk project is backed by a USD-denominated 25-year PPA with the Egyptian Electricity Transmission Company and has a sovereign guarantee. Phase one of the project is scheduled for operation in early 2026 and has a capacity of 561 MW of solar and 200 MWh of storage. Phase two is expected to be completed in late 2026 and has an additional 564 MW of solar capacity. Scatec has secured $120 million in loans from the Arab Energy Fund and the EBRD to support early-stage work. As per Scatec, the $590 million project cost is 80 percent funded by long-term debt, and Scatec has planned to manage 70 percent of the construction activities.

#Egypt #ProjectConstruction #ObeliskProject #ScatecASA

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