Independent power producer (IPP) Scatec has reached commercial operations for the first phase of its 1.1GW solar-plus-storage project in Egypt.
The first phase of the Obelisk project, which is the company’s largest renewables project, comprises 561MW of solar PV capacity and a total of 100MW/200MWh of the battery energy storage system (BESS).
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The second phase will add the remaining 564MW of solar PV capacity, which is currently under construction and expected to reach commercial operation, during the summer of 2026.
Once fully operational, the project will become the country’s and continent’s largest solar-plus-storage project, according to Scatec.
“Obelisk is being built at record pace since the signing of the power purchase agreement (PPA) in September 2024, which is a testament to our integrated approach and the unparalleled execution power of our construction team.
“This demonstrates our ability to execute large complex projects ahead of schedule and on budget, and we look forward to continuing supporting Egypt’s ambitions to increase renewable energy capacity and strengthen energy security,” said Terje Pilskog, CEO of Scatec.
As highlighted by Pilskog, the company had previously secured a 25-year PPA for the Obelisk project with Egypt Aluminium, the country’s largest industrial electricity consumer.
More recently, the company signed two equity agreements for stakes in the Obelisk solar-plus-storage project with Norfund, the Norwegian state-run investment fund, and French energy utility EDF. Under these two separate deals, Norfund will acquire a 25% stake in the holding company for the solar-plus-storage project, while EDF will take a 20% stake in the operating company.
