The European Bank for Reconstruction and Development (EBRD) provided a $30 million equity bridge loan to Obelisk Solar Power, a special purpose vehicle owned by Scatec. The funds will be utilized to construct a 1 GW solar power project with a 200 MWh battery energy storage system in Nagaa Hammadi, Egypt. The facility is expected to be Egypt’s first hybrid renewable energy project. The project aims to assist Egypt’s transition to green energy and ensure grid stability. ERBD has invested more than €13.8 billion (~$15.4 billion) in 201 projects across Egypt since its operations began in the country in 2012.