Norwegian renewable energy company Scatec has signed a shareholder agreement with the National Bank of Egypt — the country’s largest commercial bank — granting NBE a 20% economic interest in the Obelisk project, Scatec’s flagship 1.1-gigawatt solar and 100MW/200MWh battery storage hybrid development in Egypt and one of the largest renewable energy projects on the African continent.
The transaction reduces Scatec’s economic interest in the project to 40% while leaving the company in majority control through a layered ownership structure. The remaining ownership stakes are held by EDF Power Solutions at 20% and Norfund at 20%. Scatec CEO Terje Pilskog said bringing in the National Bank of Egypt as an equity partner strengthens both the financial and industrial foundation of the Obelisk project and reflects strong local institutional support for what he described as a landmark development. “The partnership reflects our strategy of bringing in high-quality partners to optimise capital structure while retaining control of our core assets,” he said.
The National Bank of Egypt’s entry into the project as an equity partner is significant on multiple levels. It provides the Obelisk development with a deeply embedded local institutional anchor capable of facilitating regulatory engagement, domestic financing access, and long-term stakeholder alignment in a way that purely foreign ownership structures typically cannot. For Egypt, the deal reinforces the country’s ambition to attract international renewable energy capital while simultaneously deepening the involvement of domestic financial institutions in the clean energy transition — a balance that the government has identified as central to building a sustainable, locally rooted renewable energy sector at scale.
Source: Energy Pedia