COD reached for first phase of the Obelisk project in Egypt

23 Feb 2026 15:22 CET

Oslo/Cairo, 23 February 2026: Scatec ASA, a leading renewable energy solutions
provider, has successfully reached Commercial Operations Date (COD) for the
first phase of its 1.1 GW Obelisk solar and 100 MW/200 MWh battery storage
project in Egypt.

The Obelisk project is being built in two phases. The first phase comprises
561 MW of solar capacity and the total 100 MW/200 MWh battery energy storage
system, while the second phase adds an additional 564 MW of solar capacity.
The second phase is currently under construction and is expected to reach COD
during the summer of 2026.

"Obelisk is being built at record pace since the signing of the PPA in
September 2024, which is a testament to our integrated approach and the
unparalleled execution power of our construction team. This demonstrates our
ability to execute large complex projects ahead of schedule and on budget, and
we look forward to continuing supporting Egypt's ambitions to increase
renewable energy capacity and strengthen energy security," says Terje Pilskog,
CEO of Scatec.

Once fully operational, the Obelisk project will become Africa's largest
hybrid solar and battery installation, with an expected abatement of more than
1.2 million tonnes of CO2e emissions per year. It is projected to deliver over
3,000 GWh of clean energy annually, which will be supplied to the Egyptian
Electricity Transmission Company (EETC) under a 25-year Power Purchase
Agreement (PPA) denominated in USD.

Scatec currently holds a 60% economic interest in the power plant and is in
advanced discussions with additional equity partners. Scatec provides
Engineering, Procurement and Construction (EPC), Asset Management (AM) and
Operations & Maintenance (O&M) services for the project.

For further information, please contact:
For analysts and investors:
Andreas Austrell, SVP Investor Relations
andreas.austrell@scatec.com

For media:
Meera Bhatia, SVP External Affairs & Communications
meera.bhatia@scatec.com

About Scatec
Scatec is a leading renewable energy solutions provider, accelerating access
to reliable and affordable clean energy in emerging markets. As a long-term
player, we develop, build, own, and operate renewable energy plants, with 6.2
GW in operation and under construction across five continents today. We are
committed to grow our renewable energy capacity, delivered by our passionate
employees and partners who are driven by a common vision of Improving our
Future'. Scatec is headquartered in Oslo, Norway and listed on the Oslo Stock
Exchange under the ticker symbol SCATC'. To learn more, visit www.scatec.com
or connect with us on LinkedIn.

This information is subject to disclosure under the Norwegian Securities
Trading Act, §5-12. The information was submitted for publication, through the
agency of the contact persons set out above, 23.02.2026 15:22 CET.

More information:
Access the news on Oslo Bors NewsWeb site

666495_COD reached for first phase of the Obelisk project in Egypt.pdf