Guiding Scatec on financial aspects of a battery storage project in Egypt, as per our recommendations
Norton Rose Fulbright Advises on Egypt's Obelisk Solar and Battery Storage Project
In a significant development for Egypt's renewable energy sector, global law firm Norton Rose Fulbright has played a key advisory role in the financing of the Obelisk solar and battery storage project. The firm advised Scatec, the project developer, on securing a debt package of $479.1 million from the European Bank for Reconstruction and Development (EBRD), African Development Bank (AfDB), and British International Investment (BII).
The Obelisk project, located in Naquaa Hammadi, Egypt, is the country's first integrated utility-scale solar and battery storage project. It consists of a 1.1 GW solar plant and a 100 MW/200 MWh battery energy storage system, a critical step towards Egypt's goal of generating 42% of its electricity from renewable sources by 2030.
Norton Rose Fulbright's multi-disciplinary legal team was led by Madhavi Gosavi, Head of Banking and Finance, Europe, Middle East, and Asia Pacific, and partner Jessica Melville. The team also included senior associate Christopher Aird, associate Emily Allison, supervising paralegal Thomas Quigley, and paralegal Hasan Ayar.
Prior to this financing, the firm had also advised Scatec on signing 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.
The firm's involvement was instrumental in securing financing to develop and operate an advanced renewable energy facility, a crucial step in Egypt's transition to clean energy. Norton Rose Fulbright's expertise extends to advising on the financing and development of large-scale energy projects, including solar PV and battery storage solutions, across multiple jurisdictions.
The Obelisk project marks another significant milestone in Norton Rose Fulbright's projects practice, which is one of the largest in the world. The firm's commitment to sustainable development and clean energy projects continues to drive its work in advising clients on innovative and impactful projects like the Obelisk solar and battery storage project.
References: 1. Egypt's Obelisk solar and battery storage project secures financing 2. Norton Rose Fulbright advises Scatec on financing for Egypt's Obelisk solar and battery storage project 3. Scatec secures financing for Obelisk solar and battery storage project in Egypt
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