Norwegian company Scatec has officially launched construction on its “Obelisk” solar project, located in Nagaa Hammadi, Upper Egypt. The total investment is $590 million.
With a capacity of 1.1 GW, this project also includes a 200 MWh battery storage system. It will be completed in two phases, with full commissioning scheduled for the second half of 2026.
The first phase will connect 561 MW of solar capacity and 200 MWh of storage to the grid by mid-2026. The second phase will add 564 MW by the end of the same year.
The electricity produced will be transmitted via 220 kV high-voltage lines, built by a consortium comprising Kharafi National and Power Ring.
The project was granted a “golden license” in December 2024, which significantly simplifies administrative procedures.
Its financing is based on a hybrid package comprising a $120 million bridge loan, $90 million in support from the Arab Energy Fund, and $30 million in financing from the European Bank for Reconstruction and Development (EBRD).
A long-term debt agreement is also being finalized with several development finance institutions.
SL/te/fss/as/APA