• Scatec signs partnership deals with Norfund, EDF for Egypt's Obelisk project
  

• Norfund takes 25% stake; Scatec retains control and 60% economic interest
  

• Project secured $479M in debt, supports Egypt’s renewable energy targets

Norwegian firm Scatec said on Monday it signed shareholder agreements with Norfund and renewable project developer EDF Power Solutions for a partnership in Egypt's Obelisk hybrid project.

Under the deal, Norfund will take a 25 percent stake in the project holding company, while Scatec will retain 75 percent. EDF Power Solutions will hold 20 percent of the operating company, giving Scatec and Norfund total economic interests of 60 percent and 20 percent respectively.

"We are very pleased to continue our valuable collaborations with Norfund and EDF power solutions through these partnerships. Obelisk is Scatec’s largest project to start construction to date and combines solar and batteries to deliver stable and cost competitive renewable energy to support Egypt’s growing power demand and energy transition," said CEO Terje Pilskog. 

Scatec said it will retain economic control of the plant, but noted it is in advanced discussions with additional partners to further reduce its stake.

The equity adjustment follows the financing arrangement completed in June 2025, when Scatec raised 479.1 million dollars in non-recourse debt for Obelisk, representing about 81 percent of the project’s estimated 590 million dollar cost. The EBRD, the AfDB and British International Investment are among the lenders involved. A 120 million dollar bridge loan had previously covered the developer’s initial capital requirement.

With new shareholders in place and financing secured, the Obelisk project is progressing. The initiative supports Egypt's renewable energy goals and strengthens Scatec’s presence in Africa, shortly after the company commissioned 273 megawatts of solar capacity in South Africa.

Abdoullah Diop