Scatec Says Egypt's $600 Million Obelisk Project Can Save $400 Million in LNG Imports
Updated
Updated · Bloomberg · Jun 19
Scatec Says Egypt's $600 Million Obelisk Project Can Save $400 Million in LNG Imports
1 articles · Updated · Bloomberg · Jun 19
Summary
$400 million a year in LNG imports could be avoided once Scatec’s Obelisk solar-and-storage project in Egypt is operating, Chief Executive Terje Pilskog said.
The roughly $600 million development combines 1.1 gigawatts of solar capacity with 200 megawatt-hours of battery storage, cutting the need for imported fuel to support power supply.
Obelisk will supply the Egyptian Electricity Transmission Company and is due for completion in mid-2026.
Scatec said the facility is set to become Africa’s largest hybrid solar and battery installation, underscoring Egypt’s push to curb energy import costs.
Can a single solar project rescue Egypt from its deepening energy and economic crisis?
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Obelisk: Egypt’s $590 Million, 1.1 GW Solar-Plus-Storage Flagship Driving Energy Security and Regional Leadership
Overview
The Obelisk project is a major step in Egypt’s push for renewable energy, led by Scatec, which owns 60% of the plant and manages its construction and operations. At its core is a hybrid solar-plus-storage system, where solar energy is captured during the day and stored in batteries. This stored energy is then used in the evening or after sunset, giving the grid a steady and reliable supply of clean power. By making the grid more stable and dependable, Obelisk directly supports Egypt’s goal of reaching 42% renewable energy in its power mix by 2030.