Scatec, Norfund, And EDF Power Solutions Form Equity Partnership For 1.1 GW Obelisk Solar-Storage Project In Egypt

Scatec ASA, a global renewable energy solutions provider, has signed shareholder agreements with Norfund, the Norwegian investment fund for developing countries, and EDF Power Solutions, an international energy player involved in renewable and low-carbon energy production. The agreements establish an equity partnership for Scatec’s large-scale Obelisk hybrid project in Egypt, which includes 1.1 GW of solar power capacity and 100 MW/200 MWh of battery energy storage.

Scatec CEO Terje Pilskog said that the company is very pleased to continue collaborations with Norfund and EDF Power Solutions through these partnerships. He noted that Obelisk is Scatec’s largest project to begin construction to date and highlighted that combining solar and battery storage will help deliver stable and cost-competitive renewable energy. The project is intended to support Egypt’s growing power demand and contribute to the country’s energy transition goals.

After the transaction, Norfund will hold a 25% share in the Obelisk holding company, with Scatec retaining the remaining 75%. In addition, EDF Power Solutions will acquire a 20% stake in the project’s operating company (SPV). This structure results in Scatec and Norfund having a total economic interest of 60% and 20% respectively, while Scatec maintains economic control of the power plant.

The partnership aligns with Scatec’s strategy to include equity investors at multiple ownership levels to increase capital efficiency and enhance value creation, without losing operational control. Scatec also confirmed that it is in advanced discussions with further potential equity partners and plans to reduce its economic stake in the project further as part of this strategy.