Scatec completes second Phase of Egypt’s Obelisk project

Scatec ASA has achieved Commercial Operations Date (COD) for the second phase of its Obelisk renewable energy project in Egypt, bringing the full 1.1 GW solar and 100 MW/200 MWh battery storage development into operation

The project was constructed in two stages. Its first phase consists of 561 MW of solar generation capacity alongside the full 100 MW/200 MWh battery energy storage system. The newly operational second phase contributes a further 564 MW of solar capacity.

Scatec and its partners signed the project’s Power Purchase Agreement (PPA) in November 2024, with construction and completion delivered in what the company describes as record time.

“Reaching full commercial operations at Obelisk marks a defining milestone for Scatec. Completing Africa's largest hybrid solar and battery installation demonstrates our ability to develop, finance, and deliver large-scale renewable energy projects in emerging markets. Obelisk will supply clean, reliable power to Egypt for 25 years and is a tangible contribution to the country's energy security and transition,” commented Terje Pilskog, CEO of Scatec.

Large-Scale Solar and Storage

The Obelisk development is described as Africa’s largest hybrid solar and battery installation. Once fully operational, the project is expected to avoid more than 1.2 million tonnes of CO2 emissions annually.

It is also forecast to generate more than 3,000 GWh of clean electricity each year. The output will be supplied to the Egyptian Electricity Transmission Company (EETC) under a 25-year USD-denominated Power Purchase Agreement.

With Obelisk now operational alongside Scatec’s 380 MW BenBan solar facility, the company has approximately 1.5 GW of renewable energy capacity in operation in Egypt.

Expanding Egypt’s renewable energy portfolio

Scatec’s near-term development pipeline in Egypt includes more than 4.3 GW of additional renewable energy capacity and 4.1 GWh of battery storage. Together, the portfolio is expected to generate approximately 17 TWh of clean electricity annually while providing grid stability support.

The company continues to identify Egypt as one of its key long-term growth markets.

Scatec serves as the controlling shareholder in the Obelisk project, with National Bank of Egypt, Norfund and EDF Power Solutions participating as minority equity partners.

Financing for the development was supported by several development finance institutions. The European Bank for Reconstruction and Development (EBRD), African Development Bank (AfDB), British International Investment (BII) and European Investment Bank (EIB) provided senior lending.

Scatec managed the development and delivery of the project through its integrated business model, covering Engineering, Procurement and Construction (EPC), Asset Management (AM), and Operations & Maintenance (O&M) throughout the project lifecycle.