Scatec and the National Bank of Egypt (NBE) have signed an equity partnership agreement for the company’s Obelisk solar and battery storage project.
After the transaction, NBE will hold a 20% economic stake in the 1.1GW solar and 100MW/200MW-hour (MWh) battery hybrid facility in Egypt.
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Scatec’s interest in the project stands at 40%, with the company retaining majority control through a layered ownership model. EDF Power Solutions and Norfund continue to hold 20% each.
The addition of NBE as an equity partner is part of Scatec’s broader strategy to optimise capital efficiency across its portfolio while maintaining operational oversight of its assets.
The structure allows for multi-level participation, with Scatec seeking to increase value via such investments.
Scatec CEO Terje Pilskog said: “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 project began delivering commercial electricity in February 2026, with the first phase comprising 561MW of solar capacity and a 100MW/200MWh battery system.
Construction is ongoing for the second phase, which will provide a further 564MW of solar generation and is scheduled for completion in the summer of 2026.
Obelisk is expected to supply more than 3,000GW-hours of electricity annually to the Egyptian Electricity Transmission Company under a 25-year US dollar-denominated power purchase agreement.
Emissions abatement from the completed site is estimated to exceed 1.2 million tonnes of CO₂-equivalent each year.
Obelisk covers a 20km² site and incorporates around 1.8 million solar cells.
The Egyptian Government and Scatec inaugurated the first phase in Qena Governorate in January 2026.
Officials from several international financial institutions attended, including representatives from the European Investment Bank, which has provided $150m (€127.52m) in financing for the project.
Additional financing has come from the African Development Bank, the European Bank for Reconstruction and Development, the US International Development Finance Corporation and British International Investment.
