Scatec ASA, a Norway-based renewable energy solutions provider, has signed a shareholder agreement with the National Bank of Egypt (NBE) for an equity partnership in the 1.1 GW Obelisk solar and battery energy storage system project in Egypt.
Under the agreement, NBE – Egypt’s largest commercial bank, will acquire a 20 per cent economic interest in the Obelisk project. Following the transaction, Scatec will retain a 40 per cent economic interest and majority control through a layered ownership structure. The remaining ownership stakes are held by EDF Power Solutions and Norfund, with 20 per cent each.