National Bank of Egypt’s entry completes a four-way equity split across the $590 million project, with Scatec retaining majority control through a layered ownership structure that separates stakes at the holding company and operating company levels.
The deal brings Egypt’s largest commercial bank into an ownership structure that already includes EDF Power Solutions and Norfund at 20% each.
“We are very pleased to welcome National Bank of Egypt as an equity partner in the Obelisk project,” said Scatec CEO Terje Pilskog. “Having Egypt’s largest bank join the project further strengthens the industrial and financial foundation of Obelisk and underlines the strong local support for this landmark renewable energy development. The partnership reflects our strategy of bringing in high-quality partners to optimise capital structure while retaining control of our core assets.”
The $590 million project is financed with $479.1 million in non-recourse debt from the European Bank for Reconstruction and Development, the African Development Bank, and British International Investment. The second phase – a further 564 MW of solar capacity – is targeted for commercial operation in summer 2026.
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