📋 Tender Overview
Project ID: 55308
Status: Concept Reviewed
Location: Egypt
Business Sector: Energy
Notice Type: Private
Environmental Category: A
Approval Date: 11 Jun 2025
Disclosure date: 07 May 2025
Project Description
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.
Transition Impact
ETI score:72
expected transition impact of the Project is derived from the increased renewable energy generation and energy storage capacities, which will contribute to the transition to a low-carbon economy in a country that has a high reliance on thermal power generation. The successful implementation of the Project will set an example for the future deployment of BESS in the country. Once commissioned, the Project is expected to generate approximately 3,000GWh of electricity annually, corresponding to a reduction of CO2 emissions of up to 1,250k tonnes per annum. The Project is 100% GET.
In addition, the Project will also promote human capital development supporting local communities in the Naga Hammadi region, particularly youth and women, through the design and delivery of a new nationally accredited technical vocational training programme for the renewable energy and agriculture sectors. The training programme will be shaped by a comprehensive community needs assessment and aligned with EBRD's Inclusive Regions approach, aimed at addressing regional disparities and expand economic opportunities in lagging regions.
