According to Wechat Official Account @ziliaokuzxx, Norwegian company Scatec ASA has initiated the construction of the 1.1GW Obelisk solar project in Egypt, accompanied by the building of a 100MW/200MWh battery energy storage system. The electricity generated by the project will be sold to the Egyptian Electricity Transmission Company (EETC) under a 25-year PPA denominated in US dollars, and this agreement is guaranteed by the Egyptian government at the sovereign level.
The project will be carried out in two phases. The first phase includes a solar power installation capacity of 561MW and a 100MW/200MWh energy storage system, and it is scheduled to be put into operation in the first half of 2026. The second phase will add a solar power installation capacity of 564MW and is expected to commence commercial operation in the second half of 2026.
To meet the project's funding requirements, Scatec has obtained an equity bridge loan (EBLs) of 120 million US dollars, allowing the equity contribution to be postponed until the completion of the construction. Among them, the Arab Fund for Economic and Social Development has provided a loan of 90 million US dollars, which is due in the second quarter of 2028, and the European Bank for Reconstruction and Development (EBRD) has provided a loan of 30 million US dollars, which is due in the first quarter of 2027.
Terje Pilskog, CEO of Scatec, said, "We are honored to launch Egypt's first integrated photovoltaic and energy storage project, which builds on our successful experience in similar projects. Egypt plans to develop renewable energy on a large scale in the coming years, and this project will further consolidate Scatec's leading position in the local clean energy field."
In addition, Scatec has signed a cooperation agreement with a consortium composed of several development finance institutions, planning to obtain long-term non-recourse project financing on preferential terms, and it is expected that the funds will be in place within the next few months. Currently, the company's negotiations with potential equity partners are also progressing smoothly, and it is expected that agreements will be reached during the same period.
Source：https://mp.weixin.qq.com/s/2aQz0CARQkoUbC9jMRajZQ