Financial close reached for 1.1 GW hybrid solar and battery storage project in Egypt
Scatec ASA has reached financial close for the 1.1 GW “Obelisk” hybrid solar and battery storage project in Egypt.
The non-recourse project financing comprises USD 479.1 million provided by the European Bank for Reconstruction and Development (EBRD), African Development Bank (AfDB), and British International Investment (BII). The financing amount corresponds to approximately 80% of total estimated capex of USD 590 million.
The project will be constructed in two phases. The first phase of 561 MW solar + 100 MW/200 MWh battery storage is targeted to reach commercial operational date (COD) in the first half of 2026. The second phase of 564 MW solar in the second half of 2026. The energy will be sold under a USD-denominated 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company (EETC), backed by a sovereign guarantee.
Scatec will deliver Engineering, Procurement and Construction (EPC), Asset Management (AM), and Operations & Maintenance (O&M) services for the project. Scatec’s EPC scope is approximately 70% of total capex.
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