But Egypt is not yet a fully liberalised wholesale electricity market: the state remains central to transmission, regulation and much of electricity purchasing. In June 2025, Norway’s Scatec reached financial close on its Obelisk project, comprising roughly 1.1GW of solar capacity and a 100MW/200MWh battery system. The electricity will be sold under a 25-year, US dollar-denominated PPA with the Egyptian Electricity Transmission Company, backed by a sovereign guarantee. If renewable generation expands faster than the network, the grid rather than investment capital becomes the binding constraint. But the competitive advantage will not be determined by how cheaply Egypt can generate renewable electricity.