Obelisk, located in Naquaa Hammadi, is the first utility scale solar and battery storage project in Egypt and further supports the country’s aim to generate 42% of its electricity from renewable sources by 2030.

The agreed project financing comprises of a debt package of US$479.1 million and is provided by the European Bank for Reconstruction and Development (EBRD), African Development Bank (AfDB), and British International Investment (BII). This transaction will support Scatec’s two phase-construction of Obelisk, including engineering, procurement, construction asset management and operations and maintenance services.

The multi-disciplinary team was led by Head of Banking and Finance, Europe, Middle East and Asia Pacific, Madhavi Gosavi, and Partner, Jesscia Melville. They were supported by Senior Associate, Christopher Aird, Associate, Emily Allison, Supervising Paralegal, Thomas Quigley, and Paralegal, Hasan Ayar.

Previously Norton Rose Fulbright advised Scatec on its signing of equity bridge loans (EBL) worth US$120 million for the project. The EBL workstream was led by Partner, Neha Khosla, and supported by Senior Associate, Shivani Patel, and Associate, Gerald Tan.

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Read the article online at: https://www.energyglobal.com/energy-storage/13082025/norton-rose-fulbright-advises-scatec-on-financing-for-egyptian-battery-storage-project/