Scatec has entered a 25-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for the 900MW Shadwan wind power project.
The agreement, signed through Scatec’s dedicated project company Shadwan Wind Power, aims to strengthen Egypt’s transition towards a sustainable renewable energy mix.
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The wind power project will be located in Ras Shukeir, recognised for some of the world’s most favourable conditions for onshore wind power generation.
Scatec CEO Terje Pilskog stated: “This project is a testament to Scatec’s position as one of the leading renewables companies in Egypt.
“We are now advancing four major renewables projects in the country, with a diversified technology base. I would like to thank all parties involved for making this happen, with a particular acknowledgement to the skills and persistence of our Egyptian team.”
Comprehensive wind measurements will shortly be conducted at the site. These measurements are scheduled to conclude in the first quarter of 2026.
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By GlobalDataIn a related development, Scatec has announced the closure of a non-recourse project financing of $479.1m for the 1.1GW Obelisk solar and battery storage project being developed in the Nagaa Hammadi region of Egypt.
The financing is being provided by the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB) and British International Investment (BII).
The financing amount represents 80% of the total estimated capital expenditure of $590m.
The Obelisk solar project will be developed in two phases, with the first phase comprising 561MW of solar power and 100MW/200 megawatt hours (MWh) of battery storage. It is expected to achieve its commercial operational date in the first half of 2026.
The second phase, which will add 564MW of solar capacity, is scheduled for completion in the latter half of 2026.
The generated energy from the project will be sold under a 25-year PPA with the EETC.
Scatec has previously secured equity bridge loans amounting to $120m for the project.
Pilskog stated: “Reaching financial close for this project marks a major milestone for Scatec. It proves our ability to deliver large-scale hybrid projects.
“We are proud to partner with leading development finance institutions to support Egypt’s clean energy ambitions, and we look forward to delivering this important project together with our partners.”
In early June 2025, Scatec was awarded preferred bidder status for the 123MW/492MWh Haru battery energy storage system project in South Africa.
