NBE eyes equity stake in new Scatec power-and-storage project

The National Bank of Egypt (NBE) is weighing an equity stake in a new Scatec power generation and storage project, Hapi reports, citing sources it says are familiar with the matter. The project’s total cost is said to exceed USD 280 mn, split between equity and debt to be raised from banks and international financial institutions. The project’s name and location haven’t been disclosed.

This would be NBE’s second Scatec investment. The lender bought a 20% economic stake in the Norwegian developer’s 1.1 GW Obelisk solar-and-battery project in Nag Hammadi in May, alongside Norwegian state fund Norfund and France’s EDF Power Solutions — each also holding 20% — while Scatec kept majority control through its 75% stake in the holding company. The USD 600 mn hybrid plant, which combines solar PV with a 200 MWh battery storage system, reached full commercial operations in August and sells power to the Egyptian Electricity Transmission Company under a 25-year, USD-denominated PPA.

Scatec’s Egypt portfolio also includes the 380 MW Benban solar cluster, the 1.95 GW solar and 3.9 GWh storage Energy Valley project, the 1.1 GW Dandara solar-and-storage plant being built to supply Egypt Aluminium — whose 500 MW first phase alone costs more than USD 290 mn — the USD 1 bn, 900 MW Shadwan wind farm, and green hydrogen and ammonia projects in Ain Sokhna (EUR 500 mn) and Damietta (USD 900 mn+). The company has invested c. USD 5 bn in Egypt so far, with another USD 5 bn planned over the next two years across renewables, desalination, and data center projects.

Still not enough

Green Tech Egypt has shelved a planned USD 140 mn waste-to-energy plant after a revised feasibility study showed the current electricity tariffs cannot cover operating costs, Al Borsa reports, citing CEO Eslam Ramadan. To restart the project, the company has asked the government to review the existing feed-in tariff, currently USD 0.07 plus EGP 0.35 per kWh, and provide a government guarantee on payments, along with a 1% annual tariff escalation. Without those changes, Ramadan said the project would risk significant losses. The company has already sunk about USD 5 mn into infrastructure. Soaring global equipment prices and currency fluctuations have also undercut the economics, he added.

IN CONTEXT- The government is attempting to rapidly scale its waste management sector, aiming to boost recycling rates to 80% by 2030 to process 25 mtpa of municipal waste. The government revised the feed-in tariff in November 2025 (pdf) — bumping it to USD 0.07 plus EGP 0.35/kWh, replacing the lower 2019 rate. Green Tech says it is still not enough. Sector executives told us in December 2025 that the government had effectively frozen new waste-collection licenses, many companies had exited or scaled back, and those still standing face rising lease costs and cement manufacturers squeezing them on price — all while industrial demand for alternative fuel keeps climbing.