Scatec’s Obelisk solar project in Egypt attains financial close

SCATEC, the provider of renewable energy solutions, has launched a financial closure of the solar energy storage project and storage of hybrid batteries in Egypt, which will be delivered in two phases.

Scatec will provide engineering, purchases and construction services (EPC), asset management (AM) and operating and maintenance services (O & M) for the obelisk project, where the EPC range represents about 70 % of CAPEX.

The non -periodic project financing includes $ 479.1 million by the European Bank for Reconstruction and Development (EBRD), African Development Bank (AFDB) and British International investment (BII).

The amount covers about 80 % of the total estimated capital expenditures of $ 590 million.

“The financial closure of this project is a major milestone for Scatec. It proves our ability to provide large -scale hybrid projects,” said CEO SCATEC Terje Pilskog said.

“We are proud to partner with the leading development institutions to support clean energy ambitions in Egypt, and we look forward to presenting this important project with our partners.”

The first phase of the project includes 561 MW of solar energy and 100 megawatts/200 megawatts of battery storage. It is expected to reach the date of commercial operation (COD) in the first half of 2026.

The second stage will add 564 megawatts of solar capacity in the last half of the same year.

According to the 25 -year -old power purchase agreement (PPA) with the Egyptian Electricity Transport Company (ETC), the energy created in the US dollar will be sold and supported by a sovereign guarantee.

SCATEC has been previously secured in stock bridge loans (EBL), which total $ 120 million for the project, allowing shares injection into the project until the end of the construction period.

Moreover, the company is holding advanced talks with potential stock partners, as these discussions will end in the coming months.

The SCATEC OBELISK SALAR project in Egypt gets a financial closure “that was originally created by World Condruction Network, a brand owned by Globaldata.

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