Scatec Reaches Commercial Operations for Second Phase of 1.1 GW Obelisk Solar-BESS Project in Egypt

Scatec ASA has achieved the Commercial Operations Date (COD) for the second phase of its 1.1 GW Obelisk solar project combined with a 100 MW/200 MWh battery energy storage system (BESS) in Egypt. With the completion of the second phase, the project is now fully operational.

The Obelisk project was developed in two phases. The first phase comprises 561 MW of solar capacity and the full 100 MW/200 MWh battery storage system, while the second phase adds 564 MW of solar capacity. Scatec signed the project’s Power Purchase Agreement (PPA) in November 2024 and completed the project in what it described as a record timeframe.

The project is Africa’s largest hybrid solar and battery installation and is expected to generate more than 3,000 GWh of clean electricity annually. The electricity will be supplied to the Egyptian Electricity Transmission Company (EETC) under a 25-year, US dollar-denominated PPA. The project is also expected to avoid more than 1.2 million tonnes of CO₂ emissions annually.

With Obelisk fully operational, alongside its 380 MW BenBan solar plant, Scatec now has approximately 1.5 GW of renewable energy capacity in operation in Egypt. The company’s near-term Egyptian growth portfolio includes more than 4.3 GW of renewable energy capacity and 4.1 GWh of battery storage capacity. Together, these projects are expected to generate approximately 17 TWh of clean electricity annually while supporting grid stability.

Terje Pilskog, CEO of Scatec, said reaching full commercial operations at Obelisk marks a significant milestone for the company and demonstrates its ability to develop, finance and deliver large-scale renewable energy projects in emerging markets.

Scatec is the controlling shareholder of the Obelisk project, with National Bank of Egypt, Norfund and EDF Power Solutions holding minority equity stakes. Financing was supported by the European Bank for Reconstruction and Development (EBRD), African Development Bank (AfDB), British International Investment (BII) and European Investment Bank (EIB) as senior lenders.

Scatec developed and delivered the project through its integrated business model, providing engineering, procurement and construction (EPC), asset management, and operations and maintenance (O&M) services. Egypt remains a key long-term growth market for the company.