Norway-based renewable energy solutions provider Scatec has commenced commercial operations for the second phase of its 1.1GW Obelisk solar and 100MW/200MWh battery storage project in Egypt.
The Obelisk project was developed in two parts.
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The first phase delivered 561MW of solar generation alongside the full battery storage capacity, while the second phase has introduced a further 564MW of solar capacity.
A power purchase agreement (PPA) was signed in November 2024, and the project has reached full commercial operation.
Obelisk is expected to supply over 3,000GWh of electricity annually to the Egyptian Electricity Transmission Company (EETC) as part of a 25-year PPA.
Scatec estimates the project could help reduce more than 1.2 million tonnes (mt) of CO2 emissions per year.
With the completion of Obelisk, together with the 380MW BenBan solar plant, Scatec reports it now has around 1.5GW of installed capacity operating in Egypt.
The company’s immediate expansion plans in the country include over 4.3GW of renewable energy projects and 4.1GWh of battery storage under development, with the combined Egyptian portfolio projected to supply approximately 17TWh of electricity annually and contribute to grid stability.
Scatec CEO Terje Pilskog said: “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.”
Scatec holds a controlling interest in the Obelisk project, with minority stakes held by National Bank of Egypt, Norfund, and EDF Power Solutions.
The project financing was arranged through the European Bank for Reconstruction and Development (EBRD), African Development Bank (AfDB), British International Investment (BII), and European Investment Bank (EIB) acting as senior lenders.
Scatec has provided engineering, procurement, construction (EPC), asset management, and operations and maintenance services throughout the project development.
In May this year, Scatec and the National Bank of Egypt (NBE) signed an equity partnership agreement for the Obelisk project.
