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Norway-based global renewable energy solutions company Scatec announced on Monday that it has signed shareholder agreements with Norfund, the Norwegian investment fund for developing countries and EDF power solutions for an equity partnership in its 1.1 gigawatts (GW) solar and 100 MW (megawatts) /200 MWh (megawatt-hours) battery storage hybrid project, Obelisk in Egypt.
“Obelisk is Scatec’s largest project to start construction to date and combines solar and batteries to deliver stable and cost competitive renewable energy to support Egypt’s growing power demand and energy transition,” said Scatec CEO Terje Pilskog.
Following the transaction, Norfund will own 25 percent of the Obelisk holding company with Scatec owning the remaining 75 percent, according to a press statement by Scatec.
The statement said EDF power solutions will own 20 percent of the operating company (SPV), bringing Scatec’s and Norfund’s total economic interest to 60 percent and 20 percent respectively with Scatec retaining economic control of the power plant.
It added that Scatec is in advanced discussions with additional equity partners for the project, noting that bringing in equity partners at multiple ownership levels is part of the company's strategy to enhance capital efficiency and increase value creation, while maintaining operational control of its power-producing assets.
Scatec had reached financial close for the estmated $590 million hybrid project in June 2025 following the start of construction in May.
The non-recourse project financing comprised $479.1 million provided by the European Bank for Reconstruction and Development (EBRD), African Development Bank (AfDB), and British International Investment (BII).
(Writing by Anoop Menon; Editing by SA Kader)
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