The Obelisk project has been built in two phases. The first phase comprises 561 MW of solar capacity and the total 100 MW/200 MWh battery energy storage system, while the second phase now adds an additional 564 MW of solar capacity. The Power Purchase Agreement (PPA) was signed in November 2024 and the project has been completed in record time.
“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,” says Terje Pilskog, CEO of Scatec.
The Obelisk project is Africa’s largest hybrid solar and battery installation, with an expected abatement of more than 1.2 million tons of CO2 emissions per year. It is projected to deliver over 3,000 GWh of clean energy annually, which will be supplied to the Egyptian Electricity Transmission Company (EETC) under a 25-year Power Purchase Agreement.
With Obelisk now fully operational alongside the 380 MW BenBan solar plant, Scatec has approximately 1.5 GW in operation in Egypt. Scatec’s near-term growth portfolio in Egypt further includes more than 4.3 GW of renewable energy capacity and 4.1 GWh of battery storage capacity, with the total combined portfolio expected to deliver approximately 17 TWh of clean electricity annually and provide critical grid stability support. Egypt remains one of Scatec's most important long-term growth markets.
Scatec is the controlling shareholder of the project with National Bank of Egypt, Norfund and EDF Power Solutions as minority equity partners. The project has been financed with the support of leading development finance institutions, with European Bank for Reconstruction and Development (EBRD), African Development Bank (AfDB), British International Investment (BII) and European Investment Bank (EIB) acting as senior lenders.
