Scatec’s Obelisk solar-BESS project reaches 1.1 GW as Phase 1 hits full operation
Norwegian developer Scatec has brought the first phase of its Obelisk solar-plus-storage project in Egypt to commercial operation, marking a significant milestone for the country’s renewable energy ambitions. Phase 1, comprising 561 MW of solar generation alongside the project’s 100 MW/200 MWh battery energy storage system, reached full output in February 2026, with the remaining 564 MW phase currently under construction and targeted for completion by late 2026.
Once fully operational, the Obelisk project will deliver approximately 1.1 GW of combined solar capacity — making it Africa’s largest integrated solar-plus-storage facility. Located in Nagaa Hammadi, Qena Governorate, Upper Egypt, the project is underpinned by a 25-year power purchase agreement with the Egyptian Electricity Transmission Company, backed by a sovereign government guarantee. Annual clean power generation is projected at more than 3,000 GWh, displacing an estimated 1.4 to 1.5 million metric tonnes of carbon dioxide per year.
The project is a cornerstone of Egypt’s Nexus of Water, Food, and Energy (NWFE) program, which targets a 42% share of renewable energy in the national power mix by 2030. Its battery storage component is central to its value proposition: by storing excess solar generation during peak daylight hours, the BESS can dispatch power during evening peak demand or after sunset, providing grid operators with a degree of firm, dispatchable clean capacity that standalone solar cannot reliably offer.
Financing for the project totals approximately $590 million, with a consortium of international development finance institutions providing roughly $479 million in non-recourse debt. The European Investment Bank committed around $150 million, with participation from the European Bank for Reconstruction and Development, the African Development Bank, and British International Investment. Scatec holds a 60% economic interest in the project, with Norfund and EDF Power Solutions each holding 20%.
The Obelisk close follows a series of milestones for large-scale solar-plus-storage deployment across Africa, where grid instability and rising peak demand have accelerated interest in storage-augmented renewable projects. Scatec has already announced a follow-on initiative, Energy Valley, which would pair 1.95 GW of solar with 3.9 GWh of battery storage — a project that reached PPA signing in early 2026.
