Scatec has started building 900 MW of Egyptian wind on a USD 50 million bridge loan, before its long-term project debt has closed.
Construction of the Shadwan onshore wind project began on 1 October, with EDF power solutions targeting a 29 percent equity stake. Capex is USD 716 million and output is about 4 TWh a year. The Arab Energy Fund is providing USD 150 million of three-year equity bridge loans, USD 50 million for Shadwan and USD 100 million for Scatec’s Energy Valley solar and storage project. Non-recourse debt from development finance institutions is expected to reach financial close by the end of 2026, with first-phase commercial operation targeted for the end of 2027.
Why it matters
A bridge loan lets a developer start physical work while lenders finish their own process. For a 900 MW project, we think that can pull a start date forward by months.
What it means for MENA
Scatec has signed mandate letters with a consortium of development finance institutions, and construction now starts ahead of that debt. We read that as Scatec carrying the timing risk until close, which the company guides for year-end. The test is whether the debt lands on schedule and first power follows by end-2027.
