Scatec's 1.1GW Obelisk Solar Project in Egypt Reaches Full Commercial Operation

en.Wedoany.com Reported - Norwegian renewable energy solutions provider Scatec has announced that Phase II of its Obelisk solar and battery energy storage project in Egypt has entered commercial operation. The project comprises 1.1GW of solar photovoltaic (PV) generation and a 100MW/200MWh energy storage system. With Phase II now operational, the project has reached full commercial operation.

The Obelisk project was developed in two phases: Phase I delivered 561MW of solar PV capacity and the full battery energy storage capacity, while Phase II added 564MW of new PV capacity. The Power Purchase Agreement (PPA) for the project was signed in November 2024. Under the 25-year PPA, Obelisk will supply more than 3,000GWh of electricity annually to the Egyptian Electricity Transmission Company (EETC), with an expected reduction of over 1.2 million tonnes of CO2 emissions per year.

With Obelisk now complete, Scatec's operational capacity in Egypt reaches approximately 1.5GW, alongside the 380MW BenBan solar plant. The company also has more than 4.3GW of renewable energy projects and 4.1GWh of battery storage under development in Egypt, with the entire Egyptian portfolio expected to supply approximately 17TWh of electricity annually to support grid stability.

Scatec CEO Terje Pilskog stated that the full commercial operation of Obelisk demonstrates the company's ability to develop, finance, and deliver large-scale renewable energy projects in emerging markets, and that the project is the largest combined solar and battery installation in Africa. Obelisk will provide Egypt with clean and reliable power for 25 years, making a tangible contribution to the country's energy security and transition.

In terms of equity, Scatec holds a controlling stake in Obelisk, with minority shareholders including the National Bank of Egypt (NBE), Norfund, and EDF Power Solutions. Project financing is arranged with the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), British International Investment (BII), and the European Investment Bank (EIB) serving as senior lenders. Scatec provides engineering, procurement, and construction (EPC), asset management, and operations and maintenance services throughout the project's development. In May of this year, Scatec also signed an equity cooperation agreement with NBE for the Obelisk project.