The wind power project will be developed in Ras Shukeir, known for its favourable conditions for onshore wind power generation.
The Shadwan project is situated in Ras Shukeir, a location known for its exceptional conditions for onshore wind power generation. Comprehensive wind measurements at the site are set to begin soon and are expected to conclude in the first quarter of 2026.
Scatec’s CEO, Terje Pilskog, remarked: “This project is a testament to Scatec’s position as one of the leading renewables companies in Egypt. We are now advancing four major renewables projects in the country, with a diversified technology base. I would like to thank all parties involved for making this happen, with a particular acknowledgement to the skills and persistence of our Egyptian team.”
In a related development, Scatec secured $479.1 million in non-recourse project financing for the 1.1GW Obelisk solar and battery storage project in Egypt’s Nagaa Hammadi region. The financing, covering 80% of the project’s $590 million total cost, comes from the European Bank for Reconstruction and Development, the African Development Bank, and British International Investment.
The Obelisk project will be developed in two phases. The first phase, comprising 561MW of solar power and 100MW/200MWh of battery storage, is slated for commercial operation in the first half of 2026. The second phase, adding 564MW of solar capacity, is planned for completion in the second half of 2026. The project’s energy will also be sold under a 25-year PPA with the EETC. Scatec previously obtained $120 million in equity bridge loans for this initiative.
Pilskog noted: “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.”
Additionally, in early June 2025, Scatec was selected as the preferred bidder for the 123MW/492MWh Haru battery energy storage system project in South Africa, further expanding its renewable energy portfolio.
