About Successful bid price of photovoltaic ESS project in Egypt 2025
Scatec has reached financial close on its $590 million “Obelisk” hybrid solar and battery project in Egypt.
Scatec has reached financial close on its $590 million “Obelisk” hybrid solar and battery project in Egypt.
Oslo/Cairo, 15 June 2025: Scatec ASA has reached financial close for the “Obelisk” hybrid solar and battery storage project in Egypt. The non-recourse project financing comprises USD 479.1 million provided by the European Bank for Reconstruction and Development (EBRD), African Development Bank.
The Egyptian Electricity Transmission Company (EETC) has signed power purchase agreements (PPAs) with two renewable energy developers – Scatec and AMEA Power – to advance large-scale solar and battery storage projects in the country. Norwegian renewable energy producer Scatec has secured a 25-year.
Scatec ASA has reached financial close for the “Obelisk” hybrid solar and battery storage project in Egypt. The non-recourse project financing comprises USD 479.1 million provided by the European Bank for Reconstruction and Development (EBRD), African Development Bank (AfDB), and British.
The European Bank for Reconstruction and Development ( EBRD ), African Development Bank ( AfDB ) and British International Investment ( BII ) are lending US$479 million for a 1.1-gigawatt solar photovoltaic ( PV ) power plant integrated with a 200-megawatt-hour battery energy storage system ( BESS.
Norwegian renewable energy solutions provider Scatec has started construction of its 1.1 GW Obelisk solar and 100 MW/200 MWh battery storage (BESS) project in Egypt. The energy will be sold under a USD-denominated 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission.
Egypt’s 1.1 GW Obelisk hybrid solar and storage project, led by Scatec, has secured $479.1 million in funding from EBRD, AfDB and BII, covering 80% of total costs. Obelisk energy will be sold to EETC under a 25-year USD PPA supported by Egypt’s sovereign guarantee. Image Source: Scatec ASA.
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