{"id":676923,"date":"2025-12-08T00:00:00","date_gmt":"2025-12-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/12\/08\/norfund-edf-take-stakes-in-scatecs-1-1-gw-obelisk-solar-project\/"},"modified":"2025-12-08T00:00:00","modified_gmt":"2025-12-08T00:00:00","slug":"norfund-edf-take-stakes-in-scatecs-1-1-gw-obelisk-solar-project","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/12\/08\/norfund-edf-take-stakes-in-scatecs-1-1-gw-obelisk-solar-project\/","title":{"rendered":"Norfund, EDF take stakes in Scatec\u2019s 1.1 GW Obelisk solar project"},"content":{"rendered":"

Good afternoon, friends. <\/strong>Winter has brought with it cold news cycles \u2014 we\u2019re experiencing another calm week in the press, but there\u2019s still much ground to cover. Let\u2019s dive in.<\/p>\n

THE BIG STORY TODAY-<\/p>\n

? Norwegian investment fund Norfund and French energy giant <\/strong>EDF acquired stakes in <\/strong>Scatec\u2019s USD 600 mn Obelisk solar project<\/a><\/strong>, under shareholder agreements for equity partnerships inked between the parties, the Norwegian energy player said in a statement<\/a>. Bringing on equity partners is part of Scatec\u2019s plan to \u201cenhance capital efficiency and increase value creation,\u201d it said.<\/p>\n

But despite bringing on more partners, Scatec will maintain its economic control of the project<\/strong>, with France\u2019s state owned power company EDF now holding a 20% stake in the operating company, alongside Norwegian Foreign Ministry-run Norfund with 20% and Scatec with 60%. Norfund also acquired 25% of the Obelisk holding company, with Scatec retaining a 75% stake. The values of the transactions were not disclosed.<\/p>\n

In case you didn\u2019t know, the project in Nagaa Hammadi holds the mantle of being <\/strong>Africa\u2019s largest under-construction solar power plant. <\/strong>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.<\/p>\n

Scatec is hoping to see more partners come on board<\/strong>, with advanced talks with additional partners ongoing.<\/p>\n

THE BIG STORY ABROAD-<\/p>\n

? It\u2019s another relatively calm day in the global press, with a handful of stories <\/strong>making <\/strong>the rounds.<\/strong> Among the ones getting plenty of ink:<\/p>\n

A<\/strong> water leak at the Louvre Museum has damaged hundreds of rare books in the <\/strong>Egyptian antiquities department<\/strong>, highlighting what the New York Times describes as ongoing infrastructure problems at the world\u2019s most visited museum. The incident affected between 300-400 documents, according to Francis Steinbock, the museum\u2019s deputy administrator, and originated from a deteriorating water pipe in one of the three library rooms within the Egyptian antiquities department.<\/p>\n

This incident is the latest in a string of problems plaguing the museum, the most <\/strong>recent being French <\/strong>unions calling for a rolling strike starting 15 December<\/strong> over deteriorating working conditions and a lack of resources. (Reuters<\/a> | NYT<\/a> | Bloomberg<\/a>)<\/p>\n

<\/p>\n

Tensions flared between President Donald Trump and Ukrainian President Volodymyr <\/strong>Zelenskyy on Sunday<\/strong>, as the US leader accused his Ukrainian counterpart of failing to read the latest US-backed peace proposal to end the war with Russia.<\/p>\n

The criticism came one day after talks between the US and Ukrainian officials in Miami <\/strong>ended without agreement on the latest version of a draft peace plan.<\/strong> It\u2019s unclear which version of the peace plan Trump referenced, as multiple iterations have emerged as Russia and Ukraine argued through US intermediaries over key details, particularly regarding territorial concessions and security guarantees.<\/p>\n

Zelensky is set to meet with UK Prime Minister Keir Starmer, French President <\/strong>Emmanuel Macron, and German Chancellor Friedrich Merz<\/strong> in discussions focused on \u201congoing peace negotiations and next steps,\u201d according to 10 Downing Street. Additional meetings are scheduled in Brussels and Rome this week. The UK and France have been leading advocates of a group of countries that could deploy a \u201creassurance force\u201d in post-war Ukraine to help guarantee its security. However, Russian President Vladimir Putin has vehemently opposed any foreign troop presence, calling such forces \u201clegitimate targets.\u201d (CNBC<\/a> | CNN<\/a>)<\/p>\n

<\/p>\n

Another Trump-brokered deal has cracked under pressure, with Thailand launching <\/strong>airstrikes against Cambodia earlier today. <\/strong>Skirmishes erupted along their disputed border, threatening to unravel a peace agreement presided over by Trump just two months ago. Both nations accused each other of initiating the violence after weeks of mounting tensions and Thailand\u2019s earlier suspension of progress on the ceasefire agreement. Thailand and Cambodia have contested sovereignty along their 800 km land border for more than a century, a territorial dispute that largely stems from a map drawn up by France during its colonization of Cambodia, which Thailand does not accept. (CNN<\/a> | Reuters<\/a>)<\/p>\n

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\u2600\ufe0f <\/strong>TOMORROW\u2019S WEATHER- <\/strong>We\u2019re in for a cool, breezy day in the capital tomorrow, with the mercury set to peak at just 22\u00b0C before cooling down to 15\u00b0C, according to our favorite weather app. <\/p>\n","protected":false},"excerpt":{"rendered":"

Good afternoon, friends. Winter has brought with it cold news cycles \u2014 we\u2019re experiencing another calm week in the press, but there\u2019s still much ground to cover. Let\u2019s dive in. THE BIG STORY TODAY- ? Norwegian investment fund Norfund and French energy giant EDF acquired stakes in Scatec\u2019s USD 600 mn Obelisk solar project, under […]<\/p>\n","protected":false},"author":1,"featured_media":676924,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7213],"tags":[8537,93,633,151,573,7234,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-676923","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-tonight","tag-edf","tag-energy","tag-enterprisepm","tag-renewables","tag-scatec","tag-solar-power","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"153b32bf-c7d5-4ba3-a423-d0732622540e","order":"1","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2025\/2\/797.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Norfund, EDF take stakes in Scatec\u2019s 1.1 GW Obelisk solar project","related_issue":[676921],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/12\/.878771e2-39d5-4fbf-94f4-ddd25ec183f9.mp3"},"yoast_head":"\nNorfund, EDF take stakes in Scatec\u2019s 1.1 GW Obelisk solar project - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/08\/norfund-edf-take-stakes-in-scatecs-1-1-gw-obelisk-solar-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Norfund, EDF take stakes in Scatec\u2019s 1.1 GW Obelisk solar project\" \/>\n<meta property=\"og:description\" content=\"Good afternoon, friends. 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Norfund with total economic interests of 60% and 20%","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/12\/515.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":656507,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/05\/cabinet-grants-scatec-golden-license-for-usd-600-mn-1-gw-solar-project\/","url_meta":{"origin":676923,"position":1},"title":"Cabinet grants Scatec golden license for USD 600 mn, 1 GW solar project","author":"enterpriseam admin","date":"5 December 2024","format":false,"excerpt":"The news clears up some confusion as to why Scatec\u2019s project to power EgyptAlum seemed to abruptly double in size back in March","rel":"","context":"In 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"Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/10\/348.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":648994,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/19\/scatec-solar-signs-25-year-ppa-for-six-solar-power-plants\/","url_meta":{"origin":676923,"position":3},"title":"Scatec Solar signs 25-year PPA for six solar power plants","author":"enterpriseam admin","date":"19 April 2017","format":false,"excerpt":"Norway\u2019s Scatec Solar signed a 25-year power purchasing agreement with the Electricity Ministry to supply energy from six solar power plants with a combined production capacity of 400 MW, reNEWS reports. Scatec will provide equity of USD 50-70 mn for the USD 450 mn project. Unnamed local developers and KLP\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":664817,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/05\/07\/scatec-breaks-ground-on-obelisk-solar-and-battery-storage-project\/","url_meta":{"origin":676923,"position":4},"title":"Scatec breaks ground on Obelisk solar and battery storage project","author":"enterpriseam admin","date":"7 May 2025","format":false,"excerpt":"The project will be built in two phases and will be fully operational in the second half of 2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/3\/1178.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542940,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/25\/ebrd-writes-usd-100-mn-check-for-scatecs-green-bond\/","url_meta":{"origin":676923,"position":5},"title":"EBRD writes USD 100 mn check for Scatec\u2019s green bond","author":"enterpriseam admin","date":"25 January 2022","format":false,"excerpt":"EBRD backs Scatec Solar Benban green bond: The European Bank for Reconstruction and Development (EBRD) will subscribe to almost a third of Scatec Solar\u2019s upcoming green bond issuance, which will use the proceeds to support its solar plants in Benban, according to the bank\u2019s website. The lender will contribute USD\u2026","rel":"","context":"In "Green economy"","block_context":{"text":"Green economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/green-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/323.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/676923","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=676923"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/676923\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/676921"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/676924"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=676923"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=676923"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=676923"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=676923"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=676923"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}