NBE buys 20% of Scatec's USD 600 mn Obelisk solar project

Power play: The National Bank of Egypt (NBE) bought a 20% stake in Norwegian developer Scatec’s 1.1 GW Obelisk solar project in Nagaa Hammadi for an undisclosed sum, the company said in a statement last week.

Where it stands: The transaction makes state-owned NBE — Egypt’s largest commercial bank — a co-owner of the USD 600 mn solar-plus-storage plant, alongside Norwegian state-run investment fund Norfund and French state-owned EDF Power Solutions. Each holds a 20% stake in the project's operating company after signing on in December 2025.

Scatec maintains control: NBE’s entry brings Scatec’s share down to 40%, though the Norwegian developer retains majority control — it has 75% of Obelisk’s holding company, with Norfund holding the remaining 25%. This structure allows Scatec to maintain decision-making authority while partners hold economic stakes — the right to receive income and bear losses — at the operating company level.

Obelisk at a glance: The plant is Africa’s largest hybrid solar and battery storage facility. Scatec broke ground in May 2025 under a 25-year, USD-denominated power purchase agreement with the Egyptian Electricity Transmission Company. The plant is being developed in two phases: the first 561 MW — along with 100 MW / 200 MWh of battery storage — reached commercial operation in February 2026, and the second 564 MW phase is due this summer.

The debt stack: Before selling down equity, Scatec secured a non-recourse debt package covering roughly 80% of the project’s capex. The financing was provided by a consortium of international development institutions, including the European Investment Bank, the African Development Bank, the European Bank for Reconstruction and Development, and British International Investment.

This is the capital-recycling playbook in action. Scatec develops the project, derisks it through construction and partial operation, then sells down equity to make money available for the next one. For NBE, the move marks a shift from debt provider to equity owner in the renewables space.

ADVISORS- Matouk Bassiouny & Hennawy advised Scatec on the transaction, according to a statement(pdf).