EIB Global to finance Scatec’s hybrid solar PV–BESS project in Egypt

European Investment Bank (EIB) Global is set to finance over USD 150 million for the Obelisk solar photovoltaic and battery energy storage project in Egypt. The project is being developed by Scatec ASA and comprises a 1.1 GWp solar PV plant integrated with a 100 MW/200 MWh battery energy storage system. Power from the project will be sold to the Egyptian Electricity Transmission Company under a long-term power purchase agreement. The first phase of the project has been inaugurated in Qena Governorate. The Obelisk project is being co-financed by the African Development Bank, with additional participation from the European Bank for Reconstruction and Development and British International Investment under a Team Europe framework. The financing structure also includes grants, concessional funding and a guarantee from the EU Neighbourhood, Development and International Cooperation Instrument.