Scatec ASA commissions 561 MW solar and 100 MW/200 MWh BESS project in Egypt with $479.1M DFI debt financing

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.

Counterparts (7)

Developer

Scatec ASA

company · 13 deals

Scatec is a renewable energy solutions provider focused on accelerating access to reliable and affordable clean energy in emerging markets. They develop, build, own, and operate renewable energy plants.

Offtaker

E

Egyptian Electricity Transmission Co.

company · 1 deals

Egyptian Electricity Transmission Co. (EETC) is responsible for the transmission of electricity in Egypt. The company focuses on maintaining and developing the national electricity grid.

Lender

A

African Development Bank

company · 1 deals

Abidjan-based multilateral development bank established in 1964, providing financial and technical support for infrastructure and development projects across all 54 African countries. Focuses on energy, transport, digital, and social infrastructure, with total assets of approximately $48.6 billion.

European Bank for Reconstruction and Development

company · 4 deals

The European Bank for Reconstruction and Development (EBRD) is a multilateral development bank that invests in projects in emerging economies across three continents. It supports projects that promote private sector development, sustainable infrastructure, and the transition to a green economy.

British International Investment

company · 3 deals

British International Investment (BII) is the UK's development finance institution. It invests in businesses in Africa, Asia and the Caribbean with the aim of solving the biggest global development challenges by investing to improve lives.

Investor

Norfund

company · 3 deals

Norfund is a Norwegian investment fund that focuses on investing in renewable energy, financial institutions, and infrastructure in developing countries. They aim to create jobs, stimulate economic growth, and contribute to sustainable development.

EDF Power Solutions

company · 2 deals

EDF Power Solutions provides energy solutions to businesses. They offer services related to energy efficiency, renewable energy, and energy management.