OBELISK SOLAR PV AND BESS

Promoteur – Intermédiaire Financier

SCATEC ASA

Lieu

• Égypte

Description

The project will finance the construction and operation of a 1 125 MWp solar photovoltaic plant, including a 100 MW / 200 MWh battery energy storage system, located in Qena, Egypt.

Objectifs

The project aims to increase the production and storage of electricity from low-carbon sources, specifically solar photovoltaic (PV), and supports Egypt’s renewable energy targets. These targets include increasing the share of renewable sources to 42% of electricity generation by 2030. The project is consistent with European Union (EU) policies, in particular the REPowerEU initiative, by promoting the development of sustainable renewable energy infrastructure in partner countries. It also aligns with the EU-Egypt Partnership Priorities 2021–2027, which focus on diversifying energy sources and transitioning towards a low-emissions economy, as well as the EU-Egypt Strategic and Comprehensive Partnership signed in March 2024. The operation contributes to the Team Europe initiative, with European Development Financial Institutions (EDFIs) participating in the financing of the project. This coordinated European support aims to advance Egypt’s green energy transition.

Secteur(s)

• Énergie - Production et distribution d'électricité, de gaz, de vapeur et d'air conditionné

Under Global Europe NDICI guarantee

Under EFSD+ Guarantee

Montant BEI envisagé (montant approximatif)

USD 125 million (EUR 107 million)

Coût total (montant approximatif)

USD 598 million (EUR 514 million)

Aspects environnementaux

The national environmental protection framework in Egypt is established by Environmental Law 4/1994 (as subsequently amended), alongside its Executive Regulations. According to this framework, the project was categorized by the competent authority as being 'Category Scoped B', a category that includes projects with potential significant environmental impacts due to some components, but not because of the type of project itself. For 'Category Scoped B' projects, national law requires the preparation of an EIA study, without a public consultation. The promoter has prepared an ESIA report for the Project, covering national law requirements but inclusive of the assessment of the social impacts. Public consultation was carried out on the project.

Passation des marchés

The Bank will require the promoter to ensure that implementation of the project will be done in accordance with the Bank's Guide to Procurement. The project seems to be operating without exclusive or special rights within the meaning of the EU Utilities Directive 2004/17/EC and 2014/25/EU, hence private sector procurement procedures will apply. This will be further assessed during the appraisal.

Statut

À l'examen - 24/10/2025