British International Investment (BII), the United Kingdom’s development finance institution and impact investor; the African Development Bank (AfDB); and the European Bank for Reconstruction and Development (EBRD) are providing $479.1 million to Obelisk Solar Power SAE, a special-purpose vehicle incorporated and owned by Scatec ASA.
This financing will support the development of a 1.1 GW solar photovoltaic power plant integrated with a 200-megawatt-hour battery energy storage system in the country’s Nagaa Hammadi region.
The AfDB’s financing package of $184.1 million includes $125.5 million of ordinary resources, as well as concessional funding from AfDB-managed special funds: $20 million from the Sustainable Energy Fund for Africa and $18.6 million from the Canada-African Development Bank Climate Fund, a partnership between the AfDB and the government of Canada. A further $20 million will be channeled from the CIF’s Clean Technology Fund through the AfDB.
