| Project Detail |
Provision of a senior loan of up to USD 173.5 million to Obelisk Solar Power, a Special Purpose Vehicle (SPV) wholly owned by Scatec ASA, to finance the construction and development of a 1 GWac solar PV plant with a 200 MWh Battery Energy Storage System (BESS) located in Nagaa Hammadi, Egypt. The electricity produced by the Project will be sold to the Egyptian Electricity Transmission Company (EETC) as the offtaker under a long-term Power Purchase Agreement (PPA). The Project benefits from a first loss risk cover from the European Fund for Sustainable Development plus (EFSD+) Hi-Bar guarantee programme. The programme contributes to transitioning economies in the European Neighbourhood by supporting sustainable investments in energy transition. Project Objectives The Project will enable the country to meet its declared renewable energy targets. The Project has a strong demonstration effect as it introduces one of the first hybrid renewable projects with an integrated BESS in the country, the success of which will pave the way for future similar projects helping to address the challenges posed by the intermittent nature of renewable energy sources to support grid stability. The Project will be delivered under the 10 GW renewables target set under the Energy Pillar of the Nexus Water-Food-Energy Programme (NWFE) country platform, an EBRD-led major policy engagement first announced at COP27. |
