Scatec signs equity partnership agreements for Obelisk solar and battery storage project in Egypt

Scatec ASA has signed shareholder agreements with Norfund and EDF Power Solutions for an equity partnership in Scatec’s 1.1GW solar and 100MW/200MWh battery storage hybrid project, Obelisk in Egypt.

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. Norfund will own 25% of the Obelisk holding company, with Scatec owning the remaining 75%. EDF Power Solutions will own 20% of the operating company (SPV), bringing Scatec’s and Norfund’s total economic interest to 60% and 20% respectively, with Scatec retaining economic control of the power plant.

Bringing in equity partners across multiple ownership layers forms part of Scatec’s approach to improve capital efficiency and maximise value creation, while still maintaining control over the power-generating assets. The company is also in advanced talks with other potential investors, with the intention of further reducing its economic exposure to the project.