Norwegian renewable power firm Scatec has signed shareholder agreements with Norfund and renewable power developer EDF Energy Options to companion on the Obelisk hybrid undertaking in Egypt. The undertaking features a 1.1-gigawatt (GW) photo voltaic plant and a 100-megawatt (MW) / 200-megawatt-hour (MWh) battery storage system.
Situated in Nagaa Hammadi close to Luxor, the undertaking shall be accomplished in two phases throughout 2026 and can provide electrical energy to Egypt’s nationwide grid underneath a 25-year energy buy settlement (PPA), in line with an announcement by Scatec.
Underneath the phrases of the deal, Norfund will purchase a 25% stake within the undertaking’s holding firm, with Scatec retaining 75%. In the meantime, EDF Energy Options will take a 20% curiosity within the working firm (SPV) liable for building and operations, leading to a complete financial curiosity of 60% for Scatec and 20% for Norfund, with Scatec sustaining general management.
This initiative helps the nation’s strategic goal of producing 42% of its power from renewable sources by 2030.
The undertaking brings collectively three key gamers within the renewable power sector. Scatec ASA, a number one Norwegian renewable power supplier, already has a powerful foothold in Egypt, having developed six photo voltaic crops on the Benban Photo voltaic Park and at present advancing a 5 GW wind energy undertaking in West Sohag and a inexperienced hydrogen facility within the Suez Canal Financial Zone.
Norfund, Norway’s state-owned funding fund for creating nations, manages the Local weather Funding Fund and has designated Egypt as one in every of its 13 precedence nations for inexperienced funding.
In the meantime, EDF Energy Options, a subsidiary of the French power large EDF Group, operates 130 MW of photo voltaic capability in Benban and holds a strategic stake in KarmSolar, a serious Egyptian photo voltaic utility and energy distributor.
