Scatec is given financial guidance for an Egyptian battery storage undertaking by our web platform.
In a significant step towards renewable energy, the Obelisk solar and battery storage project in Egypt has secured a financing package worth $479.1 million. This project, developed by Scatec ASA through its subsidiary Obelisk Solar Power SAE, is set to become Egypt’s first integrated utility-scale solar photovoltaic (PV) and battery energy storage system (BESS).
Located in Nagaa Hammadi, the Obelisk project aims to stabilize Egypt’s energy grid, contribute to the country’s goal of generating 42% of its electricity from renewable sources by 2030, and reduce reliance on fossil fuels.
Financing and Participating Institutions
The financing for the Obelisk project comes from a consortium of development finance institutions. The European Bank for Reconstruction and Development (EBRD) is providing a loan of $173.5 million, with $101.9 million guaranteed under the European Fund for Sustainable Development Plus (EFSD+), and a $6.5 million grant from the EBRD Shareholder Special Fund.
The African Development Bank (AfDB) is contributing with a financing package of $184.1 million, consisting of $125.5 million from ordinary resources and $58.6 million concessional funding from AfDB-managed special funds and the Clean Technology Fund. British International Investment (BII) is also participating in the financing.
Legal Advice and Support
On the legal side, the global law firm Norton Rose Fulbright advised Scatec on the financing of the Obelisk project. The team, led by Madhavi Gosavi and Jessica Melville, provided counsel on the full financing package and related procurement and construction contract matters. Norton Rose Fulbright had previously advised Scatec on equity bridge loans totaling $120 million for the project.
The multidisciplinary team at Norton Rose Fulbright operates across multiple jurisdictions and their expertise spans various types of energy solutions, including solar PV and battery storage.
With the successful financing and legal support in place, the Obelisk project is poised to make a significant contribution to Egypt’s renewable energy sector and its commitment to a greener future.
| Aspect | Details | |--------------------|-----------------------------------------------------------------------------------------------| | Project | Obelisk - 1.1 GW solar PV + 200 MWh battery storage in Nagaa Hammadi, Egypt | | Developer | Scatec ASA (via Obelisk Solar Power SAE) | | Financing Amount | $479.1 million debt financing | | Financing Providers | EBRD, AfDB, British International Investment (BII) | | Legal Advisor | Norton Rose Fulbright, led by Madhavi Gosavi and Jessica Melville | | Expected Impact | Stabilize Egypt’s grid, reduce fossil fuel dependency, contribute to 42% renewable target by 2030 |
[1] Scatec ASA Press Release, "Scatec Signed Financing for Obelisk Solar Power Project in Egypt", August 2025. [2] European Bank for Reconstruction and Development Press Release, "EBRD to Support Obelisk Solar Power Project in Egypt", August 2025. [3] African Development Bank Press Release, "AfDB to Support Obelisk Solar Power Project in Egypt", August 2025. [4] Norton Rose Fulbright Press Release, "Norton Rose Fulbright Advises Scatec ASA on Financing for Obelisk Solar Power Project in Egypt", August 2025. [5] Scatec ASA Website, "Obelisk Solar Power Project", August 2025.
The Obelisk solar and battery storage project in Egypt, financed by a consortium of development finance institutions, is a significant investment in the renewable energy industry, with the European Bank for Reconstruction and Development (EBRD), African Development Bank (AfDB), and British International Investment (BII) participating. This project, poised to make a substantial contribution to Egypt’s renewable energy sector and its commitment to a greener future, is developed by Scatec ASA through its subsidiary Obelisk Solar Power SAE.
In addition to financing, the global law firm Norton Rose Fulbright provided legal advice and support to Scatec on the financing and related procurement and construction contract matters for the Obelisk project, reinforcing the business relationships and collaborations within the renewable energy sector.
