Mazghouny & Co is proud to have advised Scatec on two milestone transactions advancing Egypt’s renewable energy transition, announced on 15 June 2025, during the high-level conference, “Development Financing to Foster Private Sector-Led Growth & Jobs”, held under the auspices and in the presence of HE the Prime Minister of Egypt, and hosted by Egypt’s Ministry of Planning, Economic Development and International Cooperation.
Shadwan wind power project – We acted as legal counsel to Scatec in connection with the review and signing of the a USD-denominated 25-year power purchase agreement for the 900 MW onshore wind project with the Egyptian Electricity Transmission Company (EETC). The project will be located in Ras Shukeir in the Red Sea Governorate, which has some of the world’s best wind resources for onshore wind power. The utility-scale development is expected to accelerate Egypt’s transition towards a greener and more sustainable energy mix.
Obelisk solar with battery storage project – We also advised Obelisk Solar Power SAE, Scatec’s dedicated project company, in connection with the successful financial close of Scatec’s hybrid 1 GW solar PV and 200 MWh battery storage project, being developed in Nagaa Hammadi in southern Egypt. The project will be commissioned in two phases, and the electricity generated will be sold under a 25-year USD-denominated power purchase agreement to the Egyptian Electricity Transmission Company (EETC), which is supported by a sovereign guarantee.
We have assisted the project, together with Norton Rose Freehills, in closing non-recourse project financing of USD 479.1 million provided by the European Bank for Reconstruction and Development (EBRD), African Development Bank (AfDB), and British International Investment (BII). We had also previously assisted the company sign equity bridge loans (EBL) of USD 120 million, allowing the project to postpone equity injections to the end of the construction period.
We have also assisted with the local legal review and negotiation of the project’s Engineering, Procurement and Construction (EPC), Asset Management (AM), and Operations & Maintenance (O&M) agreements.
Mazghouny & Co is proud to have worked alongside the project sponsors and across from the financing institutions to help deliver this landmark transaction. We are particularly grateful for the collaborative working relationship of all stakeholders throughout the financing process, which helped ensure the successful close of this pioneering project.
Upon completion, the project is expected to generate approximately 3,000 GWh of clean energy annually and avoid up to 1.4 million tonnes of CO₂ emissions per year—contributing meaningfully to Egypt’s goal of 42% renewable energy by 2030.
As a leading boutique law firm in energy and infrastructure, Mazghouny & Co remains committed to supporting the legal execution of Egypt’s energy transition. To learn more about our work or discuss how we can support your next project, please contact us at contact@mazghouny.com.
