Norway's Scatec ASA has started building the 1.1-GW Obelisk solar project in Egypt, which includes a 100 MW/200 MWh battery storage system. The project, with a total estimated cost of USD 590 million, is supported by USD 120 million in equity bridge loans—USD 90 million from the Arab Energy Fund (maturing in Q2 2028) and USD 30 million from the EBRD (maturing in Q1 2027).
Scatec has also secured agreements with development finance institutions for long-term, non-recourse project financing and is in discussions with potential equity partners, expected to conclude in the coming months. These arrangements allow Scatec to postpone its equity contributions until construction is complete.
The project will be constructed in two phases: the first (561 MW + battery) is set for completion in H1 2026, and the second (564 MW) in H2 2026. Electricity will be sold to Egypt’s EETC under a 25-year agreement. Scatec will manage EPC, asset management, and O&M.
