Oslo-based renewable energy developer Scatec ASA has reached commercial operations date for the second and final phase of its Obelisk project in Egypt, bringing the total installed capacity of Africa's largest hybrid solar and battery installation to 1.1 gigawatts of solar paired with a 100 MW/200 MWh battery energy storage system.

A Two-Phase Build Completed Ahead of Schedule

The Obelisk project was constructed in two phases across a site in Egypt. The first phase comprised 561 MW of solar capacity along with the full 100 MW/200 MWh battery energy storage system. The second phase, which has now reached commercial operations, adds a further 564 MW of solar capacity to bring the project to its full scale.

The Power Purchase Agreement underpinning the project was signed in November 2024, meaning the entire development from contract execution to full commercial operations was completed in what the company described as record time.

Scatec developed, financed, and delivered the project using its fully integrated business model, covering Engineering, Procurement and Construction (EPC), Asset Management, and Operations and Maintenance services across the entire project lifecycle.

Terje Pilskog, Chief Executive Officer of Scatec, said that reaching full commercial operations at Obelisk marks a defining milestone for the company.

"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," he said. "Obelisk will supply clean, reliable power to Egypt for 25 years and is a tangible contribution to the country's energy security and transition."

Scale, Output, and Carbon Impact

The fully operational Obelisk project is projected to deliver more than 3,000 gigawatt-hours of clean energy annually. The project is also expected to achieve an emissions abatement of more than 1.2 million tonnes of carbon dioxide per year.

All power generated will be supplied to the Egyptian Electricity Transmission Company under a 25-year power purchase agreement denominated in United States dollars.

With Obelisk now fully online, Scatec's operational footprint in Egypt stands at approximately 1.5 gigawatts, which also includes the 380 MW BenBan solar plant. The company has described Egypt as one of its most important long-term growth markets.

Equity Partners and Development Finance Lenders

Scatec holds a controlling stake in the Obelisk project. Minority equity partners in the project include the National Bank of Egypt, Norwegian development finance institution Norfund, and EDF Power Solutions.

The project's financing structure drew on a group of leading development finance institutions acting as senior lenders. The European Bank for Reconstruction and Development, the African Development Bank, British International Investment, and the European Investment Bank all participated in the senior debt facility.

Egypt's Broader Role in Scatec's Growth Pipeline

Beyond the now-operational Obelisk and BenBan assets, Scatec's near-term growth portfolio in Egypt includes more than 4.3 gigawatts of additional renewable energy capacity and 4.1 gigawatt-hours of battery storage capacity.

The company said the total combined Egyptian portfolio, once developed, is expected to deliver approximately 17 terawatt-hours of clean electricity annually and provide what it described as critical grid stability support.

Scatec is headquartered in Oslo and listed on the Oslo Stock Exchange under the ticker symbol SCATC. The company currently has 6.4 gigawatts of generation capacity and 2 gigawatt-hours of storage capacity in operation and under construction across five continents.

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