Scatec has described the project as Egypt’s largest solar-plus-storage project. It is also the company’s largest single solar project in Egypt, ahead of a 390MW project completed in 2019 that forms part of the mammoth 1.8GW Benban standalone solar project, Egypt’s largest. With Norfund and EDF Power Solutions already holding 20% stakes, this deal reduced Scatec’s share of the project to 40%, but the IPP remains the largest single shareholder. Egypt has seen a number of solar-plus-storage projects, in particular, advance this year. The EBRD was one of several banks and financial organisations to invest US$479 million into the Obelisk project earlier this summer.