Norwegian renewable energy company Scatec has signed shareholder agreements with Norfund and renewable energy developer EDF Power Solutions to partner on the Obelisk hybrid project in Egypt. The project includes a 1.1-gigawatt (GW) solar plant and a 100-megawatt (MW) / 200-megawatt-hour (MWh) battery storage system.
Located in Nagaa Hammadi near Luxor, the project will be completed in two phases during 2026 and will supply electricity to Egypt’s national grid under a 25-year power purchase agreement (PPA), according to a statement by Scatec.
Under the terms of the deal, Norfund will acquire a 25% stake in the project’s holding company, with Scatec retaining 75%. Meanwhile, EDF Power Solutions will take a 20% interest in the operating company (SPV) responsible for construction and operations, resulting in a total economic interest of 60% for Scatec and 20% for Norfund, with Scatec maintaining overall control.
This initiative supports the country’s strategic target of generating 42% of its energy from renewable sources by 2030.
The project brings together three key players in the renewable energy sector. Scatec ASA, a leading Norwegian renewable energy provider, already has a strong foothold in Egypt, having developed six solar plants at the Benban Solar Park and currently advancing a 5 GW wind power project in West Sohag and a green hydrogen facility in the Suez Canal Economic Zone.
Norfund, Norway’s state-owned investment fund for developing countries, manages the Climate Investment Fund and has designated Egypt as one of its 13 priority countries for green investment.
Meanwhile, EDF Power Solutions, a subsidiary of the French energy giant EDF Group, operates 130 MW of solar capacity in Benban and holds a strategic stake in KarmSolar, a major Egyptian solar utility and power distributor.
