Scatec Hits Financial Close for Egyptian Solar Hybrid Project

Scatec ASA has reached financial close for the “Obelisk” hybrid solar and battery storage project in Egypt. The project has secured USD 479.1 million in non-recourse financing from the European Bank for Reconstruction and Development (EBRD), African Development Bank (AfDB), and British International Investment (BII), covering roughly 80% of the estimated USD 590 million capital expenditure. The project will be built in two phases, with the first phase—comprising 561 MW of solar and 100 MW/200 MWh of battery storage—expected to become operational in the first half of 2026, and the second phase of 564 MW solar targeted for the second half of 2026.

 “Reaching financial close for this project marks a major milestone for Scatec. It proves our ability to deliver large-scale hybrid projects. We are proud to partner with leading development finance institutions to support Egypt’s clean energy ambitions, and we look forward to delivering this important project together with our partners,” said Scatec CEO Terje Pilskog.

The energy produced will be sold under a USD-denominated 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company (EETC), backed by a sovereign guarantee. Scatec has arranged USD 120 million in equity bridge loans to defer equity injections until construction is complete and is currently in advanced talks with potential equity partners. Additionally, Scatec will be responsible for delivering Engineering, Procurement and Construction (EPC), Asset Management (AM), and Operations & Maintenance (O\&M) services, with its EPC scope covering about 70% of the project’s total capital expenditure.