Norton Rose Fulbright advises Scatec on financing for Egyptian battery storage project

Global law firm Norton Rose Fulbright has advised Scatec, a leading renewable energy solutions provider, on the financing of its 1.1GW solar and 100MW/200MWh battery energy storage system project, Obelisk.

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 $479.1m 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 USD 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.

Norton Rose Fulbright's projects practice is one of the largest in the world. The team regularly advises on the financing and development of large-scale energy projects, including solar PV and battery storage solutions, across multiple jurisdictions.