Norwegian investment fund Norfund and French energy giant EDF acquired stakes in Scatec’s USD 600 mn Obelisk solar project under shareholder agreements for equity partnerships inked between the parties, the Norwegian energy player said in a statement. Bringing on equity partners is part of Scatec’s plan to “enhance capital efficiency and increase value creation,” it said.

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But despite bringing on more partners, Scatec will maintain its economic control of the project. France’s state-owned power company EDF now holds a 20% stake in the operating company, Norwegian Foreign Ministry-run Norfund 20%, and Scatec 60%. Norfund also acquired 25% of the Obelisk holding company, with Scatec retaining a 75% stake. The value of the transactions was not disclosed.

In case you didn’t know, the project in Nagaa Hammadi holds the mantle of being Africa’s largest under-construction solar power plant. The first phase will bring 561 MW of solar energy and 200 MWh of battery storage online in the first half of 2026, and the second phase will add another 564 MW of solar power in the second half of 2026.

Scatec is hoping to see more partners come on board, with advanced talks with additional partners ongoing.

We have an idea why European players may want a piece of the project: The entry of Norfund and EDF reflects a broader European push into Egyptian renewables as the bloc looks to diversify energy supplies after Russia’s invasion of Ukraine.

REMEMBER- Scatec reached financial close for the project in June, shortly after breakingground on the project.

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