Norwegian developer Scatec ASA has commissioned the first phase of the 1.1 GW Obelisk solar and battery energy storage system project in Egypt, financed with multilateral development bank debt and equity from a Norwegian climate fund and a French energy company. The project, fully contracted with a power purchase agreement (PPA) to eliminate merchant exposure, includes 561 MW of solar and a 100 MW/200 MWh battery storage system in the first phase, with an additional 564 MW of solar to be added in the second phase. With the aim of accelerating the transition to renewable energy in emerging markets, the project is backed by a sovereign guarantee, highlighting a significant step towards climate solutions in the energy sector.