Scatec ASA has signed shareholder agreements with EDF Power Solutions and Norfund for an equity partnership in its 1.1 GW solar and 100 MW/200 MWh battery storage (BESS) hybrid project in Egypt.
Following the transaction, Norfund, a Norwegian investment fund targeting developing countries, will own 25% of the Obelisk project holding company. Scatec will own 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.
Scatec will remain the majority economic controller in the project. Taking on equity partners is part of its financial strategy. The multinational independent power producer (IPP) and engineering, procurement and construction (EPC) company claimed it is in discussions with additional equity partners, aiming to reduce its economic interest in the Obelisk facility further.
“We are very pleased to continue our valuable collaborations with Norfund and EDF Power Solutions through these partnerships,” said Scatec CEO Terje Pilskog.
“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.” As of September 2025, the company's investment portfolio in Egypt was valued at $3.6 billion.
Obelisk is located in the Egyptian city of Nagaa Hammadi, and it will provide electricity to the Egyptian grid through a 25-year power purchase agreement (PPA). Its first commissioning phase is due in the first half of 2026, while the second phase is planned for the second half of 2026.
In addition to Obelisk, Scatec has recently announced the beginning of commercial operations at the 273 MW Grootfontein solar plant in South Africa, a project it owns 51% of. In total, Scatec has around 6.2 GW of renewable energy in operation and under construction across five continents. Headquartered in Oslo, Norway, it is listed on the Oslo Stock Exchange.
EDF Power Solutions, Scatec's equity partner in the Obelisk project, operates 31 GW of gross installed power capacity worldwide. Its existing investments in Egypt include its status as majority shareholder in solar utility company KarmSolar and two plots at the gigawatt-scale Benban solar plant
EDF Power Solutions Executive VP Africa Bénédicte Regnier described the French company’s investment in the Obelisk project as “another demonstration of its long-standing relationship with Egypt.”
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