Scatec secures US$479 million for 1.1GW/200MWh hybrid project in Egypt

Facebook
Twitter
LinkedIn
Reddit
Email
The 1.1GW/200MWh solar-plus-storage project will be built in two phases. Image: Scatec via LinkedIn.
The 1.1GW/200MWh solar-plus-storage project will be built in two phases. Image: Scatec via LinkedIn.

Independent power producer (IPP) Scatec has raised US$479 million for its Obelisk hybrid solar and battery storage project in Egypt. 

The funding is being provided by the European Bank for Reconstruction and Development (EBRD), African Development Bank (AfDB), and British International Investment (BII). The total cost of the project is US$590 million, of which around 80% – or US$479.1 million – has been secured through financing. Previously, Scatec secured US$120 million in equity bridge loans (EBL).

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

The 1.1GW/200MWh solar-plus-storage project will be built in two phases. The first phase includes 561MW of solar power and 100MW/200MWh of battery storage, targeting commercial operation in the first half of 2026. The second phase will add 564MW of solar capacity, expected to be operational in the second half of 2026. 

Scatec CEO Terje Pilskog described the financial close as a major milestone and expressed pride in partnering with leading development finance institutions to advance Egypt’s clean energy goals. 

Energy generated will be sold under a 25-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC), supported by a sovereign guarantee. The Oslo, Norway-headquartered Scatec will provide engineering, procurement and construction (EPC), asset management, and operations and maintenance (O&M) services for the project. The EPC portion, handled directly by Scatec, accounts for roughly 70% of the total project capital expenditure. 

In March 2025, the firm signed a 25-year PPA with Egypt Aluminium for the project. At the time of the announcement, Scatec revealed plans to reduce its full ownership by bringing in equity partners. The deal supports Egypt Aluminium – Egypt’s largest industrial power consumer – in meeting EU’s Carbon Border Adjustment Mechanism (CBAM) rules ahead of 2026.

Read Next

Premium
October 2, 2025
Australia's solar sector delivered a strong September performance in the National Electricity Market (NEM) as the country entered spring, with combined solar PV generation reaching 3,933GWh - a 17.83% increase from August's 3,338GWh.
October 2, 2025
FRV Australia has announced the completion of its largest solar project to date, the 300MW Walla Walla Solar Farm in New South Wales.
October 1, 2025
The insurance industry must adapt to evolving risks to head off a 'protection gap' that could undermine the global green energy transition.
October 1, 2025
Engie Australia's 250MW Goorambat East Solar Farm has registered with AEMO, marking the project’s readiness for the commissioning phase.
September 30, 2025
Solar PV was the leading source of electricity generation in the EU in the second quarter of 2025, according to the statistical office of the European Union (Eurostat).
September 30, 2025
US solar developer Sol Systems has completed construction on a 342MW PV project in the state of Illinois.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 7, 2025
Manila, Philippines
Solar Media Events
October 7, 2025
San Francisco Bay Area, USA
Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland