Overview
- Norfund will hold 25% of the Obelisk holding company and Scatec 75%, while EDF power solutions takes 20% of the operating company, resulting in economic interests of 60% for Scatec, 20% for Norfund and 20% for EDF with Scatec retaining control.
- The hybrid project pairs 1.1GW of solar PV with a 100MW/200MWh battery system at Nagaa Hammadi near Luxor to deliver grid power.
- Phase 1 is scheduled for the first half of 2026 followed by Phase 2 in the second half of 2026 under a long-term PPA with the Egyptian grid.
- Scatec describes Obelisk as its largest project to start construction to date and says the solar-plus-storage design aims to provide stable, cost-competitive electricity.
- Norfund’s Climate Investment Fund is committing NOK 400 million in its first investment in Egypt, and the plant is expected to generate over 3,000GWh annually and avoid about 1.5 million tonnes of CO2.