The European Bank for Reconstruction and Development (EBRD) has granted a US$30m equity bridge loan to Obelisk Solar Power, a special purpose vehicle owned by Scatec, to support the development of a major hybrid renewable energy project in the country, namely the Obelisk solar plus storage project.
The project, located in Nagaa Hammadi, will feature 1.1 GW of solar capacity and a 100 MW/200 MWh battery energy storage system (BESS). Scatec officially started construction of the project earlier in May 2025. The first phase (561 MW of solar + 100 MW/200 MWh BESS) is expected to reach commercial operations in the first half of 2026, while the second phase (564 MW of solar) will be operational in the second half of 2026. The energy from the project will be sold under a 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company (EETC).
As of end-2023, solar represented about 3% of Egypt’s installed capacity with 1.8 GW and less than 2% of its power mix.
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