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Scatec Secures New Investors for Battery Storage Hybrid Project in Egypt

MT Newswires·12/08/2025 02:58:17
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02:58 AM EST, 12/08/2025 (MT Newswires) -- Scatec (SCATC.OL) signed equity partnership agreements with Norfund and EDF Power Solutions for its 1.1-gigawatt solar and 100-megawatt Obelisk battery storage hybrid project in Egypt. Under the agreements, Norfund will acquire a 25% stake in the project's holding company, while the Norwegian renewable energy company will retain the remaining 75%, according to a Monday release. EDF will take a 20% stake in the operating company, resulting in Scatec and Norfund holding total economic interests of 60% and 20%, respectively. Scatec will maintain economic control of the plant.