The entry of the National Bank of Egypt completes a four-way share capital split across the $590 million project, with Scatec retaining majority control through a tiered ownership structure that separates interests at holding and operating company levels.
The deal brings Egypt’s largest commercial bank into an ownership structure in which EDF Power Solutions and Norfund each have 20%.
“We are very pleased to welcome the National Bank of Egypt as an equity partner in the Obelisk project,” said Terje Pilskog, CEO of Scatec. “The participation of Egypt’s largest bank in the project further strengthens Obelisk’s industrial and financial base and underlines the strong local support for this historic development in renewable energy. The partnership reflects our strategy to bring in high-quality partners to optimize the capital structure while maintaining control over our core assets.”
The $590 million project is being 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 – another 564 MW of solar capacity – is expected to enter commercial operation in summer 2026.
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