Norwegian renewable energy company Scatec announced Sunday it had reached financial close for its over-one-gigawatt "Obelisk" hybrid solar and battery storage project in Egypt.
The non-recourse project financing totals $479.1 million and is provided by the European Bank for Reconstruction and Development, African Development Bank and British International Investment, the company said in a statement.
The financing amount corresponds to approximately 80% of the total estimated capex of $590 million, it added.
The project will be built in two phases, with the first, comprising 561 megawatts of solar and 100 megawatts/200 megawatt-hours of battery storage, expected to begin commercial operation in the first half of 2026.
The second phase, comprising 564 megawatts of solar capacity, is scheduled for the second half of the year.
The energy will be sold under a 25-year, US dollar-denominated power purchase agreement with the Egyptian Electricity Transmission Company, it added.
By Handan Kazanci
Anadolu Agency
energy@aa.com.tr