{"id":676956,"date":"2025-12-09T00:00:00","date_gmt":"2025-12-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/12\/09\/scatec-brings-norfund-and-edf-as-equity-partners-in-obelisk\/"},"modified":"2025-12-09T00:00:00","modified_gmt":"2025-12-09T00:00:00","slug":"scatec-brings-norfund-and-edf-as-equity-partners-in-obelisk","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/12\/09\/scatec-brings-norfund-and-edf-as-equity-partners-in-obelisk\/","title":{"rendered":"Scatec brings Norfund and EDF as equity partners in Obelisk"},"content":{"rendered":"

Nor<\/strong>wegian investment fund Norfund and French energy giant EDF acquired stakes <\/strong>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

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

But despite bringing on more partners, Scatec will maintain its economic control of the <\/strong>project. <\/strong>France\u2019s 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.<\/p>\n

In case you didn\u2019t know, the project in Nagaa Hammadi holds the mantle of being Africa\u2019s <\/strong>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

We have an idea why European players may want a piece of the project: <\/strong>The entry of Norfund<\/a> and EDF<\/a> reflects a broader European push into Egyptian renewables as the bloc looks to diversify energy supplies<\/a> after Russia\u2019s invasion of Ukraine.<\/p>\n

REMEMBER-<\/strong> Scatec reached financial close<\/a> for the project in June, shortly after breaking<\/a>ground<\/a> on the project.<\/p>\n","protected":false},"excerpt":{"rendered":"

EDF will take a 20% stake in the project SPV, leaving Scatec and Norfund with total economic interests of 60% and 20%<\/p>\n","protected":false},"author":1,"featured_media":676957,"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":[7207],"tags":[93,72,151,7234],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-676956","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-energy","tag-enterpriseam","tag-renewables","tag-solar-power","wpautop","entry"],"acf":{"mongo_id":"ccda3a51-0097-4803-a9d6-8577648cd101","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/12\/515.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Scatec brings Norfund and EDF as equity partners in Obelisk","related_issue":[676948],"teaser":"EDF will take a 20% stake in the project SPV, leaving Scatec and Norfund with total economic interests of 60% and 20%","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/12\/.93751f99-76c0-4e57-aa4b-ac8b1c98a507.mp3"},"yoast_head":"\nScatec brings Norfund and EDF as equity partners in Obelisk - 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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\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/2\/797.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":676956,"position":1},"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":676956,"position":2},"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":676956,"position":3},"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":[]},{"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":676956,"position":4},"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 "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/12\/500.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":673178,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/10\/07\/scatecs-solar-project-for-egyptalum-secures-ifo-backing-2\/","url_meta":{"origin":676956,"position":5},"title":"Scatec\u2019s solar project for EgyptAlum secures IFO backing","author":"enterpriseam admin","date":"7 October 2025","format":false,"excerpt":"Scatec will develop and operate the plant under a 25-year agreement","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\/10\/348.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\/676956","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=676956"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/676956\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/676948"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/676957"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=676956"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=676956"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=676956"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=676956"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=676956"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}