National Bank of Egypt's entry completes a four-way equity split across the $590 million project, with Scatec retaining majority control through a layered ownership structure that separates stakes at the holding company and operating company levels.
The deal brings Egypt's largest commercial bank into an ownership structure that already includes EDF Power Solutions and Norfund at 20% each.
“We are very pleased to welcome National Bank of Egypt as an equity partner in the Obelisk project,” said Scatec CEO Terje Pilskog. “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 partnership reflects our strategy of bringing in high-quality partners to optimise capital structure while retaining control of our core assets.”
The $590 million project is financed with $479.1 million in non-recourse debt from the European Bank for Reconstruction and Development, the African Development Bank, and British International Investment. The second phase – a further 564 MW of solar capacity – is targeted for commercial operation in summer 2026.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.