Scatec partners with National Bank of Egypt on Obelisk solar power project

Norwegian renewable energy firm Scatec (OSE:SCATC) has signed a partnership agreement with the National Bank of Egypt (NBE) to bring the lender in as an equity partner in the Obelisk solar power project in Upper Egypt,  Al Mal reported on May 6, citing a statement from the company. 

Under the partnership deal, the NBE will acquire a 20% stake in the project, which is expected to deliver 1.1GW of solar capacity alongside 200MWh of battery energy storage.

The transaction increases Scatec’s stake to 40%, while the company retains control through a multi-tier ownership structure. The remaining shares are equally split between EDF Renewables and Norfund, each holding 20%.

Scatec CEO Terje Pilskog said the entry of Egypt’s largest bank strengthens the project’s industrial and financial base. He added that the partnership reflects Scatec’s strategy of attracting high-quality investors, optimising its capital structure, and maintaining operational control.

The Obelisk project, located in Nagaa Hammadi in Qena governorate, is among Africa’s largest renewable energy developments. Its first phase was inaugurated in January 2026 by PM Mostafa Madbouly, covering more than 20 square kilometres and incorporating around 1.8mn solar panels.

The project is backed by international financing institutions, including the European Investment Bank (EIB), African Development Bank (AfDB) and European Bank for Reconstruction and Development (EBRD).

Scatec has nearly 6.4GW of renewables capacity in operation or under construction worldwide, alongside 2GWh of energy storage across multiple markets.