Oslo/Cairo, 6 May: Scatec ASA, a leading renewable energy solutions provider, has signed a shareholder agreement with National Bank of Egypt (NBE), the largest commercial bank in Egypt, for an equity partnership in Scatec’s 1.1GW solar and 100MW/200MWh battery storage hybrid project, Obelisk in Egypt. Following the transaction, National Bank of Egypt will have an economic interest of 20% in the project.
“We are very pleased to welcome National Bank of Egypt as an equity partner in the Obelisk project. 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,” says Scatec CEO Terje Pilskog.
The transaction brings Scatec’s economic interest in the Obelisk project to 40%, while still retaining majority control through a layered ownership structure. The remaining ownership stakes are held by EDF power solutions (20%) and Norfund (20%).
Inviting equity partners at several ownership levels is part of Scatec’s strategy to enhance capital efficiency and increase value creation, while retaining control of the power producing entities.