• Egypt minister meets Scatec after Obelisk phase launch
• First phase adds 561 MW solar, 100 MW storage
• 25-year PPA covers 1.95 GW solar capacity

Egyptian Investment and Foreign Trade Minister Mohamed Farid met Scatec CEO Terje Pilskog on Tuesday, Feb. 24. The meeting came a day after the company reached commercial operation on the first phase of its Obelisk solar project.

Talks focused on expanding cooperation in renewable energy and green investment projects. The government reiterated its commitment to maintaining a stable investment climate, streamlining procedures and increasing local content in major projects. Scatec said it plans to expand its investments in Egypt and deepen partnerships as part of the transition to a low-carbon economy.

On Feb. 23, Scatec announced it had reached commercial operation for the first phase of the Obelisk project, which includes 561 MW of solar photovoltaic capacity combined with a 100 MW/200 MWh battery energy storage system. A second phase, adding 564 MW of solar capacity, is under construction and scheduled for completion in summer 2026.

In January, Scatec signed a 25-year, dollar-denominated power purchase agreement with the Egyptian Electricity Transmission Company covering 1.95 GW of solar capacity and 3.9 GWh of storage. The agreement includes a hybrid solar-plus-storage system and two standalone battery storage projects.

These developments come as Egypt seeks to increase the share of renewables in its power mix and improve grid stability. The country has 9 GW of installed renewable capacity, with a further 18 GW under development.

Abdoullah Diop