Understanding Successful bid price of solar with battery project in Egypt 2026
Egypt has secured $479.1 million in international financing to build its first large-scale solar power plant with battery storage, a milestone in its energy transition.
Egypt has secured $479.1 million in international financing to build its first large-scale solar power plant with battery storage, a milestone in its energy transition.
Egypt has secured $479.1 million in international financing to build its first large-scale solar power plant with battery storage, a milestone in its energy transition. The $590 million project, located in Nagaa Hammadi in southern Egypt, will integrate 1.1 GW of photovoltaic capacity with 200 MWh.
The Nagaa Hammadi-based Obelisk hybrid solar and battery storage project by Scatec is estimated at USD 590 million. Norway-based renewable energy company Scatec ASA has announced the financial close for its landmark Obelisk hybrid solar and battery storage project in Nagaa Hammadi, Qena.
The European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), and British International Investment (BII) have jointly committed US$479.1 million to support the development of Egypt’s largest integrated solar and battery energy storage project to date. The funding.
The African Development Bank (AfDB) has approved a $184.1 million financing package for the development of the Obelisk 1-gigawatt solar photovoltaic project and a 200 mega watt (MW) battery energy storage system in Egypt. The project, estimated to cost more than $590 million, will be Africa’s.
Egypt’s 1.1 GW Obelisk hybrid solar and storage project, led by Scatec, has secured $479.1 million in funding from EBRD, AfDB and BII, covering 80% of total costs. Obelisk energy will be sold to EETC under a 25-year USD PPA supported by Egypt’s sovereign guarantee. Image Source: Scatec ASA.
Oslo/Cairo, 05 May 2025: Scatec ASA has commenced construction of its 1.1 GW Obelisk solar and 100 MW/200 MWh battery storage project in Egypt. The energy will be sold under a USD-denominated 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company (EETC), backed by.
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