HomeAfricaEgyptScatec Secures Financing for...

Scatec Secures Financing for Groundbreaking Hybrid Solar and Battery Project at Egypt’s Iconic Obelisk Site!

By Africazine

Major Renewable Energy Milestone in Egypt: Securing 9.1 Million for the Obelisk Hybrid Solar Project

In an inspiring move towards sustainable energy, the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), and the British International Investment (BII) have announced a remarkable fund disbursement totaling 9.1 million to the Obelisk Solar Power SAE. This funding marks a significant step following the successful Financial Close of the Obelisk Hybrid Solar and Battery Energy Storage System (BESS) Project, celebrated today. The initiative is backed by Scatec ASA, a leading provider of renewable energy solutions based in Norway.

This massive investment aims to develop a 1.1 GW solar photovoltaic (PV) power plant complemented by a cutting-edge 200 MWh battery energy storage system, situated in the vibrant Nagaa Hammadi region of Egypt. The project not only embodies a commitment to renewable energy but also significantly contributes to Egypt’s ambitious objective of achieving 42% renewable energy in its power generation mix by 2030.

Project Insights:

Project Name: Obelisk Hybrid Solar and Battery Energy Storage System
Location: Nagaa Hammadi, Egypt
Total Cost: Approximately 0 million
Capacity:
– Solar PV: 1.1 GW
– Battery Storage: 100 MW / 200 MWh

Funding Contributions:

– EBRD: The EBRD is set to offer up to 3.5 million, which includes a 1.9 million guarantee from the European Fund for Sustainable Development (EFSD+) for the first 18 years.
– AfDB: Contributing 4.1 million, the AfDB will utilize a mix of ordinary resources combined with concessional funds from various climate initiatives, enhancing the financial viability of the project.
– BII: The British International Investment will provide a 0 million concessional loan and million as a returnable grant to further improve cost efficiency.

A Strategic Vision:

The Obelisk project is poised to become Egypt’s first integrated solar photovoltaic and battery storage project of this magnitude, ushering in a new era for energy generation in the country. The plant’s operational phases are scheduled to begin in the first half of 2026, with the objective to deliver around 3,000 GWh of renewable energy annually. This renewable output is not just a number; it translates into significant benefits, stabilizing Egypt’s power grid and managing peak demand effectively.

Moreover, the project is expected to cut carbon emissions by up to 1.4 million metric tonnes per year, exemplifying Egypt’s strategic move towards an eco-friendly future. The energy generated will be sold under a long-term agreement with the Egyptian Electricity Transmission Company, ensuring a robust economic framework for sustainability.

Conclusion:

The successful financing and development of the Obelisk Hybrid Solar Project stands as a beacon of promise for Egypt, a defining step in its renewable energy journey. As other African nations look to Egypt’s example, this investment underscores the importance of international cooperation in combatting climate change and achieving sustainable development.

For more insights on this project and its contributions to Africa’s renewable energy landscape, stay tuned to Africazine.

Tags: #Egypt #RenewableEnergy #SolarPower #BESS #SustainableDevelopment #WorldNews #BusinessNews

- A word from our sponsors -

Most Popular

Previous article
Nick Cannon Takes to the Skies: Celebrating Father’s Day with All 12 Kids!
Next article
“Watch as Woman Reveals the Shocking Truth About Woolworths Lettuce Staying Fresh for a Month!”

More from Author

Egypt

Agricultural Bank of Egypt Partners to Modernize Public Transportation in Sharqia

The Agricultural Bank of Egypt has partnered with Sharqia Governorate to modernize public transportation by offering financing for new minibuses, requiring a 25% down payment and allowing repayment over 84 months, aiming to improve safety and efficiency in local transport.
Africazine -
South Africa

South Africa Faces Growing Challenge of Unclaimed Retirement Benefits

In South Africa, over R51 billion in unclaimed retirement benefits affects more than 4.3 million members, highlighting systemic issues in the retirement system. Proposed reforms aim to improve beneficiary tracing by 2027, emphasizing the need for accountability and financial security for individuals.
Africazine -
South Africa

Ruwacon Opens Bursary Applications for South African Students in Construction Fields

Ruwacon is inviting South African students to apply for the Ruwacon Bursary Programme 2027, with applications closing on 20 November 2026. The bursary supports undergraduate and postgraduate studies in construction and engineering fields, offering financial aid and practical exposure to the industry.
Africazine -
Egypt

Egypt Launches First Digital Platform for Virtual Exhibitions and Conferences

The Egyptian Expo and Convention Authority has partnered with Meta Mall to launch Egypt's first digital platform for virtual exhibitions, enhancing the exhibitions industry and promoting Egyptian products while utilizing advanced technologies for managing digital events at the Cairo International Conference Center.
Africazine -

- A word from our sponsors -

spot_img

Read Now

Agricultural Bank of Egypt Partners to Modernize Public Transportation in Sharqia

The Agricultural Bank of Egypt has partnered with Sharqia Governorate to modernize public transportation by offering financing for new minibuses, requiring a 25% down payment and allowing repayment over 84 months, aiming to improve safety and efficiency in local transport.

South Africa Faces Growing Challenge of Unclaimed Retirement Benefits

In South Africa, over R51 billion in unclaimed retirement benefits affects more than 4.3 million members, highlighting systemic issues in the retirement system. Proposed reforms aim to improve beneficiary tracing by 2027, emphasizing the need for accountability and financial security for individuals.

Ruwacon Opens Bursary Applications for South African Students in Construction Fields

Ruwacon is inviting South African students to apply for the Ruwacon Bursary Programme 2027, with applications closing on 20 November 2026. The bursary supports undergraduate and postgraduate studies in construction and engineering fields, offering financial aid and practical exposure to the industry.

Egypt Launches First Digital Platform for Virtual Exhibitions and Conferences

The Egyptian Expo and Convention Authority has partnered with Meta Mall to launch Egypt's first digital platform for virtual exhibitions, enhancing the exhibitions industry and promoting Egyptian products while utilizing advanced technologies for managing digital events at the Cairo International Conference Center.

Renewed Interest in Traditional Botanical Practices Reshapes Health Conversations in Africa

Interest in traditional botanical practices is growing in Nigeria as communities seek ways to support wellbeing, with initiatives like "Back to the Roots" aiming to integrate ancestral knowledge with modern science while preserving cultural identity and heritage.

UN Committee Recommends Reappointment of Dr. Sarah Alade for Investment Role

The United Nations General Assembly’s Fifth Committee has recommended Dr Sarah Alade for reappointment to the UN Investments Committee for another three-year term starting January 1, 2027, pending confirmation by the General Assembly.

Gold Prices in Egypt Remain Stable Amid Global Market Fluctuations

The price of 24-karat gold in Egypt remained stable at EGP 7,097 per gram on November 7, 2026, while 21-karat gold traded above EGP 6,200 amid global price declines and fluctuations in the US dollar against the Egyptian pound.

Zambia and Africa Finance Corporation Advance Railway Project to Angola’s Port

Zambia is advancing its 830-km railway link to Angola's Port of Lobito, aiming for financial closure by 2027, with expectations to handle roughly 2 million tonnes of freight annually, enhancing regional trade and logistics.

Investor Interest in Solar Capacity Grows Amid Transmission Challenges in Botswana

Investor interest in over 5 gigawatts of solar capacity in Botswana is rising, but progress is hindered by inadequate transmission infrastructure. The government is working on necessary regulatory frameworks and infrastructure development to facilitate electricity generation and export.

Gambian Honorary Consul Receives Pushkin Medal from Russian President

Momodou Lamin Manga, the Honorary Consul of Russia in The Gambia, received the Pushkin Medal from President Vladimir Putin for his contributions to culture and strengthening ties between The Gambia and Russia during a ceremony at the Kremlin on the Day of National Unity.

Equity Group Reports Significant Profit Increase Amid Rising Greenhouse Gas Emissions

Equity Group Holdings PLC reported a profit after tax of KSh75.5bn, a 55 per cent increase, alongside a 19 per cent rise in greenhouse gas emissions to 39,605 tonnes CO2e in 2025, attributed to business expansion and improved data capture.

Gabon Pursues Partnerships with China in Robotics and Artificial Intelligence

Gabon is seeking partnerships with China to advance its robotics and artificial intelligence sectors, focusing on healthcare, public services, and security. President Brice Clotaire Oligui Nguema's visit to Shanghai emphasized technology transfer and training as Gabon develops its national AI strategy.