Early Warning System

Countries

Egypt

Geographic location where the impacts of the investment may be experienced.

Financial Institutions

European Bank for Reconstruction and Development (EBRD)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Approved

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

Dec 11, 2024

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

Obelisk Solar Power

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Investment Type(s)

Equity

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 120.00 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.

Primary Source

Original disclosure @ EBRD website

Updated in EWS Feb 13, 2025

Disclosed by Bank Nov 6, 2024

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to bank-provided information, the project involves the provision of an equity bridge loan of up to USD 120 million to Obelisk Solar Power, an SPV wholly owned by Scatec ASA, to finance the construction and development of a 1 GW solar PV plant with a 200 MWh battery energy storage system (BESS) located in Nagaa Hammadi, Egypt. Scatec ASA will serve as the project sponsor. The loan will be composed of two tranches to support the project's funding requirements while adhering to the Bank's Environmental & Social Policy and Access to Information Policy.

The Project will enhance the reliability of solar power generation in Egypt by incorporating battery storage, enabling the country to meet its declared renewable energy targets. This project is significant for Egypt, as it introduces one of the first utility scale BESS in the country and its implementation will pave the way for a broader rollout of storage-integrated renewable projects, helping to address the challenges posed by the intermittent nature of renewable energy sources. It will also support the country's efforts to increase its renewable energy share of total energy generation.

More broadly, the Project will be delivered under the 10 GW renewable programme under the Nexus Water-Food-Energy Programme (NWFE) country platform. EBRD leadership in developing the Energy Pillar under NWFE is a major policy engagement first announced at COP27.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

European Bank for Reconstruction and Development (EBRD)

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Obelisk Solar Power	Client	Energy
-	-	-	-	Scatec ASA	Parent Company	Energy

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Dagher Khater
dagher.khater@scatec.com
www.scatec.com
Building 44, First Sector City Centre, the Northern 90 Street, Fifth Settlement, New Cairo

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html