Scatec ASA commissions 561 MW solar and 100 MW/200 MWh BESS project in Egypt with $479.1M DFI debt financing
Type: Financing · Technology: Hybrid · Country: Egypt · Value: $479.1M · Announced: 2026-04-17
Norwegian developer Scatec ASA commissioned the first phase of the 1.1 GW Obelisk hybrid solar and battery energy storage system (BESS) project in Nagaa Hammadi, Upper Egypt, in February 2026. The 561 MW solar and 100 MW/200 MWh battery storage facility represents Scatec's largest project to date, with a total project cost of $590 million. The financing structure includes $479.1 million in non-recourse debt from the European Bank for Reconstruction and Development, African Development Bank, and British International Investment, covering over 80% of capital expenditure. Scatec retained 75% ownership in the holding company while Norfund's Climate Investment Fund holds 25%, with EDF Power Solutions acquiring 20% of the operating company, leaving Scatec with 60% economic interest and operational control. The project features a 25-year power purchase agreement with Egyptian Electricity Transmission Co., fully contracted under a sovereign-backed revenue model with no merchant exposure.
Counterparties
- European Bank for Reconstruction and Development (Lender)
- British International Investment (Lender)
- African Development Bank (Lender)
- EDF Power Solutions (Investor)
- Norfund (Investor)
- Egyptian Electricity Transmission Co. (Offtaker)
- Scatec ASA (Developer)