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

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

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

July 25, 2025
A round-up of news from the Indian solar sector this week, including Reliance Industries' cell plant, Juniper Green Energy powering solar PV and Solex Energy launching new modules.
July 24, 2025
Spanish independent power producer (IPP) Sonnedix has raised €2 billion (US$2.35 billion) through two refinancing transactions in Europe.
July 24, 2025
China has installed 14.36GW of solar PV in June 2025, down 85% from the previous month and also decreasing 38% from the same period in 2024.
July 23, 2025
Utility giant Engie North America has acquired a portfolio of multiple solar projects from solar energy developer Prospect14.
July 23, 2025
Norwegian IPP Scatec has been selected for an 846MW solar cluster in the latest REIPPPP tender from South Africa.
July 23, 2025
Australian solar PV module manufacturer Tindo Solar has partnered with UNSW to advance tunnel oxide passivated contact (TOPCon) technology.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK