{"id":700983,"date":"2026-05-11T00:00:00","date_gmt":"2026-05-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=700983"},"modified":"2026-05-11T03:05:14","modified_gmt":"2026-05-11T03:05:14","slug":"nbe-buys-20-of-scatecs-usd-600-mn-obelisk-solar-project","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/05\/11\/nbe-buys-20-of-scatecs-usd-600-mn-obelisk-solar-project\/","title":{"rendered":"NBE buys 20% of Scatec's USD 600 mn Obelisk solar project"},"content":{"rendered":"

Power play: <\/strong>The National Bank of Egypt (NBE) bought a 20% stake in Norwegian developer Scatec\u2019s 1.1 GW Obelisk solar project in Nagaa Hammadi for an undisclosed sum, the company said in a statement<\/a> last week.<\/p>\n

Where it stands:<\/strong> The transaction makes state-owned NBE \u2014 Egypt\u2019s largest commercial bank \u2014 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<\/a>.<\/p>\n

Scatec maintains control:<\/strong> NBE\u2019s entry brings Scatec\u2019s share down to 40%, though the Norwegian developer retains majority control \u2014 it has 75% of Obelisk\u2019s holding company, with Norfund holding the remaining 25%. This structure allows Scatec to maintain decision-making authority while partners hold economic stakes \u2014 the right to receive income and bear losses \u2014 at the operating company level.<\/p>\n

Obelisk at a glance: <\/strong>The plant is Africa\u2019s largest hybrid solar and battery storage facility. Scatec broke ground in May 2025<\/a> 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 \u2014 along with 100 MW \/ 200 MWh of battery storage \u2014 reached commercial operation in February 2026, and the second 564 MW phase is due this summer.<\/p>\n

The debt stack: <\/strong>Before selling down equity, Scatec secured a non-recourse debt package<\/a><\/a> covering roughly 80% of the project\u2019s 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.<\/p>\n

This is the capital-recycling playbook in action.<\/strong> 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.<\/p>\n

ADVISORS-<\/strong> Matouk Bassiouny & Hennawy advised Scatec on the transaction, according to a statement<\/a>(pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

NBE\u2019s entry brings Scatec\u2019s economic interest down to 40%, though the Norwegian developer retains majority control<\/p>\n","protected":false},"author":1,"featured_media":700984,"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":[7363],"tags":[7106,93,72,7128,248,151,573,12675],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-700983","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-debt","tag-energy","tag-enterpriseam","tag-ma-watch","tag-national-bank-of-egypt","tag-renewables","tag-scatec","tag-solar","wpautop","entry"],"acf":{"mongo_id":"cdeb4132-faad-45de-884d-7008bcc879ae","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/12\/515.jpg","photo_position":"above","homepage_title":"","full_issue_title":"NBE catches some rays","related_issue":[700973],"teaser":"NBE\u2019s entry brings Scatec\u2019s economic interest down to 40%, though the Norwegian developer retains majority control"},"yoast_head":"\nNBE buys 20% of Scatec's USD 600 mn 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\/2026\/05\/11\/nbe-buys-20-of-scatecs-usd-600-mn-obelisk-solar-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NBE buys 20% of Scatec's USD 600 mn Obelisk solar project\" \/>\n<meta property=\"og:description\" content=\"NBE\u2019s entry brings Scatec\u2019s economic interest down to 40%, though the Norwegian developer retains majority control\" \/>\n<meta property=\"og:url\" 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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":546122,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/28\/scatec-to-issue-green-bonds-worth-usd-335-mn\/","url_meta":{"origin":700983,"position":3},"title":"Scatec to issue green bonds worth USD 335 mn","author":"enterpriseam admin","date":"28 April 2022","format":false,"excerpt":"Norway\u2019s Scatec will issue USD 335 mn worth of green bonds to refinance its six solar plants in Benban, according to two separate cabinet statements (here and here). An agreement was signed to allow Scatec to go ahead with the plan during a meeting between Prime Minister Mostafa Madbouly, Scatec\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/393.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":676923,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/12\/08\/norfund-edf-take-stakes-in-scatecs-1-1-gw-obelisk-solar-project\/","url_meta":{"origin":700983,"position":4},"title":"Norfund, EDF take stakes in Scatec\u2019s 1.1 GW Obelisk solar project","author":"enterpriseam admin","date":"8 December 2025","format":false,"excerpt":"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\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":591937,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/22\/equinor-acquires-additional-stake-in-scatec-solar\/","url_meta":{"origin":700983,"position":5},"title":"Equinor acquires additional stake in Scatec Solar","author":"enterpriseam admin","date":"22 December 2019","format":false,"excerpt":"M&A WATCH- Norway\u2019s Equinor has acquired an additional 5.2% stake in Norwegian solar power company Scatec Solar for USD 83.9 mn, according to a statement from Equinor. The move brings the total ownership stake of Equinor in Scatec Solar to 15.2%. \u201cThrough this acquisition of additional shares in Scatec, Equinor\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/700983","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=700983"}],"version-history":[{"count":1,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/700983\/revisions"}],"predecessor-version":[{"id":701029,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/700983\/revisions\/701029"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/700973"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/700984"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=700983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=700983"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=700983"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=700983"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=700983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}