Scatec completes Obelisk solar project in Egypt

Scatec ASA, a Norwegian renewable energy company, has reached full commercial operations for the second phase of its 1.1 GW Obelisk solar and 100 MW/200 MWh battery storage project in Egypt, completing Africa's largest hybrid solar-plus-storage facility. The project, located near Nagaa Hammadi, was developed in two phases: the first phase added 561 MW of solar capacity and the full battery storage system, while the second phase added 564 MW of solar capacity. The power purchase agreement was signed in November 2024, and the project reached full commercial operation in under two years. The facility is expected to generate over 3,000 GWh of clean electricity annually and avoid more than 1.2 million tonnes of CO2 emissions per year. Electricity will be supplied to the Electricite du Laos Transmission Company Limited under a 25-year, US dollar-denominated PPA. Scatec is the controlling shareholder, with minority stakes held by Egypt — National Bank of Egypt, Norway — Norfund, and Hammond Power Solutions. Financing was provided by a consortium of development finance institutions, including the European Bank for Reconstruction and Development, African Development Bank, United Kingdom — British International Investment, and European Investment Bank, which provided $479 million in senior debt. With Obelisk fully operational, Scatec now has approximately 1.5 GW of renewable energy capacity in operation in Egypt, and a pipeline of over 4.3 GW of renewable energy and 4.1 GWh of battery storage. The project supports Egypt's target of sourcing 42% of its electricity from renewables by 2030.