Latest news with #Obelisk
The Age
28-06-2025
- Lifestyle
- The Age
This sustainable and chic material is all the rage, and homewares start from $12
This story is part of the June 29 edition of Sunday Life. See all 13 stories. Warm, tactile and eco-friendly, it's no wonder cork is having a moment. The versatile material is perfect for walls, floors and, surprisingly, furniture. Where to buy: Nine 'Tee' side table, $433; Iris Hantverk soap dish, $12; KEY PIECE Bring joy to the table with Capra Designs place mats, $65 (set of two); Capra Designs 'Tic Tac Toe' game, $79. Where to buy: Eurowalls metallic cork wall covering, from $495 a roll; Vitra 'L'Oiseau' bird, $395; Bonnie and Neil side table, $595; Citta tray, $35. Where to buy: Matilda Goad 'Obelisk' lamp, $US500; New Works 'Material' pendant light, $284; Brunello Cucinelli tamburello set, $2458; Mind the Cork 'Bloem' planters, $39 each.
Sydney Morning Herald
28-06-2025
- Lifestyle
- Sydney Morning Herald
This sustainable and chic material is all the rage, and homewares start from $12
This story is part of the June 29 edition of Sunday Life. See all 13 stories. Warm, tactile and eco-friendly, it's no wonder cork is having a moment. The versatile material is perfect for walls, floors and, surprisingly, furniture. Where to buy: Nine 'Tee' side table, $433; Iris Hantverk soap dish, $12; KEY PIECE Bring joy to the table with Capra Designs place mats, $65 (set of two); Capra Designs 'Tic Tac Toe' game, $79. Where to buy: Eurowalls metallic cork wall covering, from $495 a roll; Vitra 'L'Oiseau' bird, $395; Bonnie and Neil side table, $595; Citta tray, $35. Where to buy: Matilda Goad 'Obelisk' lamp, $US500; New Works 'Material' pendant light, $284; Brunello Cucinelli tamburello set, $2458; Mind the Cork 'Bloem' planters, $39 each.
Yahoo
16-06-2025
- Business
- Yahoo
Scatec's Obelisk solar project in Egypt attains financial close
Renewable energy solutions provider Scatec has reached financial close for its Obelisk hybrid solar and battery storage project in Egypt, which is to be delivered in two phases. Scatec will provide engineering, procurement and construction (EPC), asset management (AM), and operations and maintenance (O&M) services for the Obelisk project, with the EPC scope accounting for roughly 70% of the total capex. The non-recourse project financing includes $479.1m provided by the European Bank for Reconstruction and Development (EBRD), African Development Bank (AfDB), and British International Investment (BII). The amount covers approximately 80% of the total estimated capital expenditure of $590m. Scatec CEO Terje Pilskog said: 'Reaching financial close for this project marks a major milestone for Scatec. It proves our ability to deliver large-scale hybrid projects. "We are proud to partner with leading development finance institutions to support Egypt's clean energy ambitions, and we look forward to delivering this important project together with our partners.' The project's first phase comprises 561MW of solar power and 100MW/200MWh of battery storage. It is expected to reach commercial operational date (COD) in the first half of 2026. The second phase will add another 564MW of solar capacity in the latter half of the same year. Under a 25-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC), the generated energy will be sold in US dollars and is backed by a sovereign guarantee. Scatec previously secured equity bridge loans (EBL) totalling $120m for the project, which allows for the postponement of project equity injections until the end of the construction period. Furthermore, the company is in advanced talks with potential equity partners, with the expectation that these discussions will conclude in the coming months. "Scatec's Obelisk solar project in Egypt attains financial close" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
16-06-2025
- Business
- Yahoo
Scatec signs PPA for 900MW wind project in Egypt
Scatec has entered a 25-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for the 900MW Shadwan wind power project. The agreement, signed through Scatec's dedicated project company Shadwan Wind Power, aims to strengthen Egypt's transition towards a sustainable renewable energy mix. The wind power project will be located in Ras Shukeir, recognised for some of the world's most favourable conditions for onshore wind power generation. Scatec CEO Terje Pilskog stated: 'This project is a testament to Scatec's position as one of the leading renewables companies in Egypt. 'We are now advancing four major renewables projects in the country, with a diversified technology base. I would like to thank all parties involved for making this happen, with a particular acknowledgement to the skills and persistence of our Egyptian team.' Comprehensive wind measurements will shortly be conducted at the site. These measurements are scheduled to conclude in the first quarter of 2026. In a related development, Scatec has announced the closure of a non-recourse project financing of $479.1m for the 1.1GW Obelisk solar and battery storage project being developed in the Nagaa Hammadi region of Egypt. The financing is being provided by the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB) and British International Investment (BII). The financing amount represents 80% of the total estimated capital expenditure of $590m. The Obelisk solar project will be developed in two phases, with the first phase comprising 561MW of solar power and 100MW/200 megawatt hours (MWh) of battery storage. It is expected to achieve its commercial operational date in the first half of 2026. The second phase, which will add 564MW of solar capacity, is scheduled for completion in the latter half of 2026. The generated energy from the project will be sold under a 25-year PPA with the EETC. Scatec has previously secured equity bridge loans amounting to $120m for the project. Pilskog stated: 'Reaching financial close for this project marks a major milestone for Scatec. It proves our ability to deliver large-scale hybrid projects. 'We are proud to partner with leading development finance institutions to support Egypt's clean energy ambitions, and we look forward to delivering this important project together with our partners.' In early June 2025, Scatec was awarded preferred bidder status for the 123MW/492MWh Haru battery energy storage system project in South Africa. "Scatec signs PPA for 900MW wind project in Egypt" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Business Insider
13-06-2025
- Business
- Business Insider
AfDB approves $184.1 million for Africa's largest solar project in Egypt
The African Development Bank Group's Board of Directors has approved up to $184.1 million in financing for the Obelisk solar project in Egypt, which is set to become Africa's largest solar power plant. The African Development Bank approved $184.1 million for Egypt's Obelisk solar project. This project includes a 1-gigawatt solar PV facility and a 200MWh battery storage system. Located in Qena Governorate, its electricity will be sold under a 25-year agreement. The African Development Bank Group's Board of Directors has approved up to $184.1 million in financing for the Obelisk solar project in Egypt, which is set to become Africa's largest solar power plant. The project will feature a 1-gigawatt solar photovoltaic (PV) facility and a 200MWh battery energy storage system, according to the bank's website. Located in the Qena Governorate of southern Egypt, the project involves the design, construction, operation, and maintenance of the integrated solar and battery system. The Egyptian Electricity Transmission Company will serve as the sole off-taker through a 25-year Power Purchase Agreement. 'Obelisk is another landmark development under NWFE that leverages on Egypt's and the African Development Bank's leadership as well as commitment to harnessing the country's renewable energy to enhance the resilience of the country's energy supply to meet its fast-growing energy demand sustainably,' said Kevin Kariuki, African Development Bank Vice President for Power, Energy, Climate, and Green Growth. With a total estimated cost exceeding $590 million, the Bank Group's financing package includes $125.5 million from its ordinary resources, along with concessional funding from several Bank-managed sources: $20 million from the Sustainable Energy Fund for Africa (SEFA), $18.6 million from the Canada-African Development Bank Climate Fund (a partnership with the Government of Canada), and $20 million from the Climate Investment Fund's Clean Technology Fund. Additional funding will be raised from a consortium of development finance institutions. Under Egypt's Nexus of Water, Food, and Energy (NWFE) platform, the Obelisk solar project has been granted a Golden License, recognizing it as a strategic initiative that supports Egypt's efforts to overcome energy constraints and accelerate its clean energy transition. Dr. Rania Al-Mashat, Egypt's Minister of Planning, Economic Development and International Cooperation, described the project as a key milestone under NWFE's energy pillar. Clean energy for millions Since its launch at COP27 in Sharm El Sheikh in November 2022, the NWFE energy program has attracted $4 billion in private investment to support 4.2 GW of renewable energy capacity. The broader goal is to install 10 GW of renewable energy and phase out 5 GW of fossil fuel-based power generation by 2030, with total investments estimated at $10 billion. Expected to be fully operational by the third quarter of 2026, the Obelisk project will supply approximately 2,772 gigawatt-hours of clean, affordable, and reliable electricity to Egypt's national grid each year. The project is projected to reduce carbon dioxide emissions by around one million tons annually and generate significant socio-economic benefits, including the creation of about 4,000 jobs during construction and 50 permanent positions during operation, with a focus on employing women and youth.
