Scatec ASA has finalized shareholder agreements with EDF Power Solutions and Norfund to establish an equity partnership in its 1.1 GW solar and 100 MW/200 MWh battery storage hybrid project in Egypt. Norfund will hold 25% of the Obelisk project, while Scatec retains 75%. EDF Power Solutions will have a 20% stake in the operating company, bringing the total economic interest of Scatec and Norfund to 60% and 20%, respectively.
Scatec will continue to lead the project economically with the majority ownership. Seeking equity partners is a strategic move for Scatec, with discussions ongoing for more partnerships to decrease its share in the Obelisk facility further. CEO Terje Pilskog expressed satisfaction with the collaboration, praising the project’s aim to provide stable renewable energy and support Egypt’s energy transition.
Located in Nagaa Hammadi, Obelisk will deliver electricity to Egypt’s grid under a 25-year power purchase agreement. The initial commissioning phase is scheduled for the first half of 2026, with the second phase planned for the latter half of the year. Alongside Obelisk, Scatec recently announced the operational launch of the 273 MW Grootfontein solar plant in South Africa, in which it holds a 51% share.
Scatec’s global renewable energy portfolio, encompassing around 6.2 GW in operation and under construction across five continents, solidifies its position in the industry. EDF Power Solutions, with 31 GW of installed power capacity globally, has investments in Egypt including a major stake in solar company KarmSolar and plots at the Benban solar plant.
Bénédicte Regnier, EDF Power Solutions Executive VP Africa, emphasized the company’s commitment to Egypt through the Obelisk project investment, reinforcing its longstanding ties with the country. The project’s significance in providing cost-effective renewable power aligns with Scatec’s mission for sustainable energy solutions.
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