The National Bank of Egypt has bought a 20% equity stake in Norwegian independent power producer (IPP) Scatec’s gigawatt-scale Obelisk solar-plus-stage project.
Located in Upper Egypt, the two-phase project will eventually combine 1.1GW of PV capacity with a 100MW/200MWh battery energy storage system (BESS).
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Under the deal with NBE, the bank will take a 20% economic interest in the project. Scatec’s share will be adjusted to 40%, while the company will retain majority control. The remaining equity is evenly divided between Norfund, the Norwegian state-run investment fund, and French energy utility EDF, which will each hold a 20% stake, following separate equity agreements signed last year.
“We are very pleased to welcome National Bank of Egypt as an equity partner in the Obelisk project. Having Egypt’s largest bank join the project further strengthens the industrial and financial foundation of Obelisk and underlines the strong local support for this landmark renewable energy development. The partnership reflects our strategy of bringing in high-quality partners to optimise capital structure while retaining control of our core assets,” said Terje Pilskog, CEO, Scatec.
According to the company, bringing in equity partners is aimed at improving capital efficiency and driving value creation, while maintaining control of the power-producing assets.
Scatec recently reached commercial operation for the first phase of the Obelisk project. The initial phase comprises 561MW of solar PV capacity, paired with a 100MW/200MWh battery energy storage system.
Construction is ongoing on the second phase, which will add a further 564MW of solar PV capacity and is expected to come online in summer 2026. Once fully operational, the Obelisk project is set to become the largest solar-plus-storage installation in both Egypt and across Africa, according to the company.
Last year, Scatec raised US$479 million in financing for the project from the European Bank for Reconstruction and Development, African Development Bank and British International Investment. At the time, the total project cost was estimated at US$590 million, with approximately 80%, equivalent to US$479.1 million, covered through debt financing. The company had also previously secured US$120 million in equity bridge loans (EBL) for Obelisk.
Oslo, Norway-headquartered Scatec develops, builds, owns and operates renewable energy assets, with 6.4GW of generation capacity and 2GWh of energy storage either in operation or under construction across five continents.
