Oslo-based Scatec ASA says it will retain the majority stake in Egypt’s 1.1 GW solar and 100 MW/200 MWh Obelisk project, with EDF Power Solutions acquiring 20% and Norfund 25%.
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 focused on developing countries, will own 25% of the Obelisk project holding. Scatec will own the remaining 75%. EDF Power Solutions will own 20% of the operating company (SPV), bringing the total economic interest of Scatec and Norfund to 60% and 20% respectively.
Scatec will remain the largest economic controller in the project. Engaging equity partners is part of the financial strategy. The multinational independent power producer (IPP) and engineering, procurement and construction (EPC) company claimed it is in discussions with additional equity partners, with the aim of further reducing its economic interest in the Obelisk facility.
“We are very pleased to continue our valuable collaboration with Norfund and EDF Power Solutions through these partnerships,” said Terje Pilskog, CEO of Scatec.
“Obelisk is Scatec’s largest project to commence construction to date and combines solar and batteries to deliver stable and cost-competitive renewable energy to support Egypt’s growing energy 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 will supply electricity to the Egyptian grid through a 25-year power purchase agreement (PPA). The first commissioning phase is planned for the first half of 2026, while the second phase is planned for the second half of 2026.
In addition to Obelisk, Scatec recently announced the start of commercial operations at the 273 MW Grootfontein solar power plant in South Africa, a project in which it owns 51%. In total, Scatec has approximately 6.2 GW of renewable energy in use and under construction, spread across five continents. Its headquarters are in Oslo, Norway, and 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. Existing investments in Egypt include majority shareholder status in solar energy company KarmSolar and two plots in the gigawatt-scale Benban solar power plant.
EDF Power Solutions Executive VP Africa Bénédicte Regnier described the French company’s investment in the Obelisk project as “a new demonstration of its long-standing relationship with Egypt.”
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