From Yahoo Finance: 2025-06-16 12:19:00

Renewable energy provider Scatec has secured funding for its Obelisk solar and battery storage project in Egypt, with a total capex of $590m. The project, split into two phases, will have a capacity of 1,125MW. Financing of $479.1m comes from EBRD, AfDB, and BII. Commercial operations expected by 2026.

The first phase of the Obelisk project includes 561MW of solar power and 100MW/200MWh of battery storage, with a COD in the first half of 2026. The second phase will add 564MW of solar capacity later that year. A 25-year PPA is in place with EETC, backed by a sovereign guarantee.

Scatec has secured $120m in equity bridge loans and is in talks with potential equity partners. CEO Terje Pilskog emphasized the milestone this project represents for the company and its support for Egypt’s clean energy goals. The collaboration with development finance institutions is crucial for the success of the project.



Read more at Yahoo Finance: Scatec’s Obelisk solar project in Egypt attains financial close