Scatec ASA has entered into a 25-year, USD-denominated Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for a 900 MW onshore wind project.
The agreement, secured through its project vehicle “Shadwan Wind Power SAE,” marks a key step in supporting Egypt’s shift to a more sustainable energy mix.
Scatec CEO Terje Pilskog emphasized the company’s growing presence in Egypt, highlighting that this wind initiative is one of four major renewable projects currently underway, spanning various technologies. He also commended the involved partners and, in particular, praised the Egyptian team for their dedication and expertise.
The wind farm will be developed in Ras Shukeir, an area known for having some of the strongest onshore wind conditions globally. The next phase of the project involves conducting wind assessments at the site, scheduled for completion by mid-2026, which will pave the way for financial closure and the commencement of construction.
“Obelisk” Hybrid Solar and Battery Storage Project
Scatec ASA also reached financial close for the “Obelisk” hybrid solar and battery storage project in Egypt. The non-recourse project financing comprises USD 479.1 million provided by the European Bank for Reconstruction and Development (EBRD), African Development Bank (AfDB), and British International Investment (BII) amounting to approximately 80% of total estimated capex of USD 590 million.
“Reaching financial close for this project marks a major milestone for Scatec. It proves our ability to deliver large-scale hybrid projects. We are proud to partner with leading development finance institutions to support Egypt’s clean energy ambitions, and we look forward to delivering this important project together with our partners,” says Scatec CEO Terje Pilskog.
The project will be constructed in two phases. The first phase of 561 MW solar + 100 MW/200 MWh battery storage is targeted to reach commercial operational date (COD) in the first half of 2026. The second phase of 564 MW solar in the second half of 2026.
The energy will be sold under the USD-denominated 25-year Power Purchase Agreement (PPA) reached with the Egyptian Electricity Transmission Company (EETC), backed by a sovereign guarantee.
