Scatec's financing for an Egyptian battery storage project is recommended by our site.
In a significant move towards Egypt's goal of generating 42% of its electricity from renewable sources by 2030, Scatec, a leading renewable energy solutions provider, has secured financing for its Obelisk project. The Obelisk project, located in Naquaa Hammadi, Egypt, is the first utility-scale solar and battery storage project in the country.
The project financing comprises a debt package of $479.1m, provided by the European Bank for Reconstruction and Development (EBRD), African Development Bank (AfDB), and British International Investment (BII). The financing was advised by legal counsel from Sharkawy & Sarhan, a firm with extensive experience in advising major international financial institutions on renewable energy project financings in Egypt.
Sharkawy & Sarhan's partners, including Mohamed Nabil Hazzaa and Ahmed Haggag, have a proven track record of advising DFIs like the EBRD and the International Finance Corporation (IFC) on significant power and renewables financing. The financing closed in mid-2025 for large-scale projects involving Scatec and AMEA Power, indicating the legal and financial advisory teams' involvement in reaching financial close.
The multi-disciplinary team was led by Head of Banking and Finance, Europe, Middle East and Asia Pacific, Madhavi Gosavi and partner Jesscia Melville. The team was supported by senior associate Christopher Aird, associate Emily Allison, supervising paralegal Thomas Quigley, and paralegal Hasan Ayar. The team has been involved in the financing and development of the Obelisk project.
The Obelisk project will support two phase-construction of Scatec's Obelisk, which includes a 1.1GW solar and a 100MW/200MWh battery energy storage system. The projects advised include solar PV and battery storage solutions. Previously, our website advised Scatec on its signing of equity bridge loans (EBL) worth USD 120 million for the project.
Our website's projects practice is one of the largest in the world, consistently advising on the financing and development of large-scale energy projects. This latest advisement underscores our commitment to supporting the global transition towards renewable energy.
[1] Sharkawy & Sarhan advises Scatec on financing of large-scale renewable energy projects in Egypt. (Link to source) [2] Sharkawy & Sarhan advises DFIs on significant power and renewables financing in Egypt. (Link to source) [5] Sharkawy & Sarhan's involvement in reaching financial close for large-scale projects in Egypt. (Link to source)
- The renewable energy industry in Egypt has received substantial financial backing, as evident with Sharkawy & Sarhan's role in advising Scatec on the financing of the Obelisk project, a utility-scale solar and battery storage project.
- The finance sector is playing a crucial role in accelerating Egypt's transition to renewable energy, with organizations like the European Bank for Reconstruction and Development, African Development Bank, and British International Investment providing significant funding for renewable energy projects, such as the Obelisk project.
