Norwegian group Scatec ASA has entered into shareholder agreements with Norfund and EDF Power Solutions for a stake in its Obelisk energy project in Egypt. The hybrid infrastructure, combining 1.1GW of solar energy and 100MW/200MWh of battery storage, is currently the company’s largest project under construction.
Shareholding structure and governance
Under the agreements, Norfund, the Norwegian public investment fund for developing countries, will hold 25% of the project holding company. Scatec will retain the remaining 75% at that level. Meanwhile, EDF Power Solutions, an international subsidiary focused on low-carbon energy assets, will take a 20% stake in the operating company (SPV). This setup allows Scatec to maintain a 60% economic interest, while Norfund holds 20%.
The company stated that the structuring is aimed at improving capital efficiency while maximising value creation. Scatec is currently in advanced talks with additional investors, aiming to further reduce its economic interest without giving up control of the power-producing entity.
Financial objectives and expansion strategy
Bringing in equity partners at various ownership levels is part of Scatec’s financial strategy to leverage external capital for large-scale project implementation while retaining technical and operational leadership. This approach enables the company to expand development capacity without increasing its direct financial exposure.
The Obelisk project in Egypt is designed to meet the country’s rising electricity demand with cost-competitive renewable energy. The plant is expected to play a key role in securing local energy supply.
Existing partnerships and future prospects
Scatec has previously collaborated with Norfund and EDF Power Solutions on several renewable energy projects across Africa. The Obelisk project reinforces this partnership and reflects growing institutional investor interest in hybrid solar-storage assets.
“Obelisk is our largest project under construction to date,” said Terje Pilskog, Chief Executive Officer of Scatec, adding that it aligns with the company’s global strategy to deliver stable and competitive power regionally.
