Scatec’s Obelisk Solar Project in Egypt achieves financially close
Renewable energy solutions provider Scatec has reached financial closeness offered in two phases for the Obelisk hybrid solar and battery storage project in Egypt.
SCATEC provides engineering, procurement and construction (EPC), asset management (AM), and operation and maintenance (O&M) services for the Obelisk project, which is made up of EPC scopes, with EPC scopes.
Funding for the non-recourse project includes $4.791 million provided by the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AFDB), and the UK International Investment (BII).
This amount covers approximately 80% of the estimated capital expenditure of $590 million.
Scatec CEO Terje Pilskog said: “Reaching the financial closeness of this project represents a major milestone for Scatec, demonstrating its ability to deliver large-scale hybrid projects.
“We are proud to partner with a major development financial institution to support Egypt’s clean energy ambitions. We look forward to bringing this important project together with our partners.”
The first phase of the project consists of 561MW of solar power and 100MW/200mWH of battery storage. Commercial Operations Date (COD) is expected to be reached in the first half of 2026.
The second phase will add an additional 564MW of solar capacity later in the same year.
Under a 25-year Power Purchase Agreement (PPA) with the Egyptian Power Transmitter (EETC), the energy generated will be sold in US dollars and supported by a Sovereign Warranty.
Scatec previously secured a Stock Bridge Loan (EBL) for the project for a total of $120 million. This allows project equity injection to be postponed until the construction period ends.
Additionally, the company is undergoing high consultations with potential equity partners and hopes that these discussions will end in the coming months.
“Obelisk Solar Project from Scatec in Egypt achieves Financial Close” was originally created and published World Construction Networka brand owned by GlobalData.
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