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

June 16, 2025
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

October 23, 2025
Powerlink Queensland is seeking federal approval to expand its existing 330kV Bulli Creek Substation in Southern Queensland to accommodate the grid connection of Genex Power's 775MW Bulli Creek solar PV power plant.
October 22, 2025
The Queensland government has launched the Social Licence in Renewable Energy Toolkit, providing local councils in Australia with resources to navigate renewable energy project engagement and community consultation processes.
October 21, 2025
Australia's solar-plus-storage sector gained momentum with 725MW of solar PV approvals advancing across New South Wales and Queensland.
October 21, 2025
Luminous Robotics has successfully completed its first international deployment of AI-powered solar installation robots at Engie’s 250MW Goorambat East Solar Farm in Victoria, Australia.
October 21, 2025
An independent panel has granted resource consents for the 179MW Glorit Solar Farm in Auckland, New Zealand.
October 17, 2025
Norwegian renewable energy firm Scatec has signed lease agreements for 64MW of solar PV and 10MWh of energy storage capacity in Liberia and Sierra Leone.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK
Solar Media Events
March 10, 2026
Frankfurt, Germany