Scatec ASA Partners With National Bank Of Egypt For Equity Stake In Egypt’s 1.1GW Obelisk Solar And Storage Project

Scatec ASA, a leading global provider of renewable energy solutions, has signed a shareholder agreement with the National Bank of Egypt, the country’s largest commercial bank, to establish an equity partnership in Scatec’s Obelisk project—a 1.1 GW solar and 100 MW/200 MWh battery storage hybrid development in Egypt.

Under the terms of the agreement, the National Bank of Egypt will acquire an economic interest of 20 percent in the project. Scatec CEO Terje Pilskog noted that welcoming Egypt’s largest bank as an equity partner strengthens both the industrial and financial foundation of the Obelisk project, reinforcing the strong local support behind this major renewable energy development.

He added that the partnership is aligned with Scatec’s broader strategy of bringing in high-quality partners to optimise capital structure while ensuring the company maintains control of its core assets. Following the transaction, Scatec’s economic interest in the project stands at 40 percent, with majority control secured through a layered ownership structure.

The remaining equity stakes are held by EDF Power Solutions with 20 percent and Norfund with 20 percent. Scatec emphasised that inviting equity partners across multiple ownership levels is a central part of its strategy to boost capital efficiency, enhance long-term value creation, and ensure disciplined management of its power-producing entities while retaining operational control over strategic assets.