Financing Secured for Egypt's 1.1 GW Obelisk Solar-Plus-Storage Project
Scatec ASA has commissioned the first phase of the $590 million Obelisk project in Egypt, supported by $479.1 million in DFI debt. This financing structure is critical for advancing renewable energy in emerging markets and demonstrates a successful model for private and public sector collaboration.
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The first phase of the 1.1 GW Obelisk solar and battery energy storage system in Egypt has been commissioned by Scatec ASA, involving a significant $479.1 million in DFI debt. The project, located in Nagaa Hammadi, is structured with over 80% non-recourse debt, primarily from EBRD, AfDB, and BII, and a fully contracted 25-year PPA with EETC.
Scatec retains a 60% economic interest and operational control, with Norfund and EDF holding 20% each. The second phase, adding 564 MW of solar capacity, is expected to commence operations in summer 2026. This financing approach illustrates a viable pathway for renewable energy investments in emerging markets, potentially influencing future projects.
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