Scatec ASA, a leading global provider of renewable energy solutions, has entered into shareholder agreements with Norfund, the Norwegian investment fund for developing countries, and EDF Power Solutions, an international energy company specializing in renewable and low-carbon power generation. The agreements establish an equity partnership in Scatec’s Obelisk Project, a landmark 1.1GW solar and 100MW/200MWh battery storage hybrid development in Egypt. The Obelisk Project represents one of the largest renewable energy initiatives in the region, reinforcing Scatec’s leadership in sustainable power generation.
“We are very pleased to continue our valuable collaborations with Norfund and EDF power solutions through these partnerships. Obelisk is Scatec’s largest project to start construction to date and combines solar and batteries to deliver stable and cost competitive renewable energy to support Egypt’s growing power demand and energy transition,” says Scatec CEO Terje Pilskog.
Following the transaction, Norfund will own 25% of the Obelisk holding company with Scatec owning the remaining 75%. EDF power solutions will own 20% of the operating company (SPV), bringing Scatec’s and Norfund’s total economic interest to 60% and 20% respectively with Scatec retaining economic control of the power plant.
Inviting equity partners at several ownership levels is part of Scatec’s strategy to enhance capital efficiency and increase value creation, while retaining control of the power producing entities. Scatec is in advanced discussions with additional equity partners, aiming to reduce Scatec’s economic interest in the project further.
Scatec is a leading renewable energy solutions provider, accelerating access to reliable and affordable clean energy in emerging markets. As a long-term player, we develop, build, own, and operate renewable energy plants, with 6.2 GW in operation and under construction across five continents today. We are committed to growing our renewable energy capacity, delivered by our passionate employees and partners who are driven by a common vision of ‘Improving our Future’. Scatec is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SCATC’.
