Obelisk Qena Solar Plant

Objective

The generation of clean energy for Egypt's energy demands and reduction of carbon emissions.

Description

"Owner: Scatec, Egyptian Electricity Holding Company (EEHC) Capacity: 1 GW Status: A preliminary agreement was signed in December 2023, with financing to be provided by the African Development Bank. The project includes 200 MWh of battery storage and will supply power to Egyptalum’s aluminum complex in the city of Nag Hammadi. The company received a golden liscence in 2025 expiditing the process and construction has commenced with connection to the ntaional grid for the firs phase (500 MWH) at the beginning of 2026, with the second phase (500 MW) to be connected later in the yar."

History

"The company is now looking toward starting a new project in the 'Energy Valley' of Minya. : Revenues are secured via a 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company (EETC), pegged to the US Dollar to eliminate local currency devaluation risk. The Egyptian Ministry of Finance provides a sovereign guarantee backing the EETC’s payment obligations over the entire multi-decade contract term."

Finance