Norwegian renewable energy company Scatec ASA and the European Bank for Reconstruction and Development (EBRD) have partnered to establish a renewable energy investment platform in Egypt to support the development and financing of solar, wind, and battery storage projects, according to a statement released by the company.
The agreement is a Share Purchase Agreement (SPA), a contract that defines the terms under which shares in a company are bought, sold, or transferred. This means the EBRD will acquire an equity stake in the new investment platform being set up with Scatec, providing up to $221 million in financing to support renewable projects in Egypt.”
The platform, Egypt Renewables Holdings B.V., will be owned 60% by Scatec and 40% by the EBRD. EBRD’s contribution includes $170 million in equity, with the remainder allocated to project-level guarantees.
The platform aims to facilitate the addition of 2.7 gigawatts (GW) of solar capacity, 900 megawatts (MW) of wind capacity, and 4.2 gigawatt-hours (GWh) of battery energy storage to Egypt’s renewable energy portfolio, supporting the country’s energy security and clean energy expansion.
The platform is expected to hold a 40% equity interest in the Obelisk, Africa’s largest integrated solar and storage project, and a 51% stake in Shadwan, the 900 MW onshore wind farm. It will also hold approximately 60% equity interest in the first phase of the Egypt Aluminium project, known as Dandara, and the Energy Valley project, alongside other minority co-investors.
The agreement builds on the two parties’ cooperation on Egypt’s renewable energy sector. In June 2025, Scatec reached financial close on the 1.1 GW Obelisk solar project, which includes a 100 MW/200 MWh battery energy storage system, with financing from the EBRD, the African Development Bank, and British International Investment.
The investment vehicle will finance the acquisition, development, and construction of renewable energy infrastructure, primarily targeting Scatec’s near-term project portfolio in Egypt. Over time, it may also expand into additional investment opportunities across the broader Middle East and North Africa (MENA) region.
Scatec ASA is a Norway-based integrated power producer specialising in renewable energy solutions. Founded in 2007 and listed on the Oslo Stock Exchange since 2014, the company is a long-time partner of the EBRD in developing renewable energy and battery storage projects in the Bank’s countries of operation.
The EBRD is a leading institutional investor in Egypt. Since beginning operations in the country in 2012, the Bank has invested more than €16 billion in 238 projects there.
