Norway’s Scatec signed a financial close agreement for its USD 600 mn Obelisk 1.1 GW solar and 200 MWh battery storage project, according to a cabinet statement. The agreement is one of several inked yesterday between the government, developing partners, and private-sector players at the Development Finance to Foster the Private Sector conference yesterday.

The project in Nagaa Hammadi holds the mantle of being Africa’s largest under-construction solar power plant. The first phase will bring 561 MW of solar energy and 200 MWh of battery storage online in the first half of 2026 and the second phase will add another 564 MW of solar power in the second half of 2026. Scatec will also handle engineering, procurement and construction, asset management, and operations & maintenance and has signed a USD-denominated, 25-year Power Purchase Agreement with the Egyptian Electricity Transmission Company.

The USD 600 mn project is being funded by an array of lenders and funds, including USD 184.1 mn from the African Development Bank, USD 173.5 mn from the European Bank of Reconstruction and Development (EBRD), USD 100 mn from British International Investment, according to a statement from the EBRD.

Scatec also inked a USD-denominated 25-year power purchase agreement for its Shadwan wind power project in Ras Shukeir with the Egyptian Electricity Transmission Company, according to a statement from the global renewables giant. The 900 MW capacity project will cost around USD 1 bn and is an important part of the state’s Nexus for Food, Water, and Energy initiative. Following the signing, the company will finalize its study of the area in 2H 2026 and proceed towards reaching financial close and kicking off construction.

What was not mentioned is if the project will use sukuk issuances as its source of funding under a new government initiative to attract investments to the 174 sq km Ras Shukeir zone on the Red Sea. The area — which is slightly larger than Ras El Hekma — was formally allocated to the Finance Ministry under a presidential decree published in the Official Gazette earlier this month for the expressed purpose of raising funds through sovereign sukuk issuances and debt reduction. A senior government source told us last week to be on the lookout for a big-ticket project under the initiative “in the coming days”.

The International Finance Corporation also put its financial weight behind the AMEA Power’s Abydos solar project, with a USD 72 mn package to finance the integration of a battery energy storage system (BESS) into its newly launched 500 MW solar plant in Kom Ombo, according to a statement from the international lender seen by EnterpriseAM. “Achieving financial close for Egypt’s first utility-scale BESS project — following the successful launch of our 500MW wind farm in Egypt—is a clear demonstration of our ability to deliver large scale renewable energy projects,” said AMEA Power Chairman Hussain Al Nowais.

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