Norwegian developer Scatec ASA has commissioned the first phase of the 1.1 GW Obelisk solar and battery energy storage project in Egypt. This initial phase includes 561 MW of solar capacity and a 100 MW/200 MWh battery system, financed through a mix of multilateral development bank debt and equity from a Norwegian climate fund and a French energy company. The project is fully contracted under a power purchase agreement, supported by a sovereign guarantee to mitigate financial risks, with an additional 564 MW of solar capacity planned for the second phase.
In the U.S., the SunZia Wind project, located in New Mexico, has begun generating electricity and is recognized as the largest renewable energy initiative in the country. The project, featuring 916 turbines, will deliver 3.5 gigawatts of power to California over a 550-mile transmission line, playing a crucial role in advancing California’s clean energy goals and helping retire polluting plants in environmental justice communities. Additionally, the U.S. is projected to produce 145 gigawatt-hours of finished grid storage systems annually by the end of 2025, driven by incentives from the Inflation Reduction Act.
Meanwhile, the Southern Africa Alliance on Carbon Markets and Climate Finance has been established to address challenges in climate finance access, promoting standardized carbon market systems to enhance investment in the region.
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Places mentioned in this update: California, Egypt, France, Illinois, New Mexico, North America, The United States