- National Bank of Egypt takes 20% stake in landmark hybrid solar and battery project.
- Scatec retains 40% economic interest and majority control through layered ownership.
- Company advances record growth portfolio with strong project pipeline and improved financial position.
Scatec ASA has signed a shareholder agreement with the National Bank of Egypt for an equity partnership in the 1.1 GW solar and 100 MW or 200 MWh battery storage Obelisk project in Egypt. Following the transaction, the National Bank of Egypt will hold a 20% economic interest in the project.
The agreement brings Scatec’s economic interest in Obelisk to 40%, while the company retains majority control through a layered ownership structure. The remaining stakes are held by EDF power solutions with 20% and Norfund with 20%.
Scatec CEO Terje Pilskog said the partnership strengthens both the industrial and financial foundation of the project and highlights strong local backing for large scale renewable energy development in Egypt. He added that the transaction aligns with the company’s strategy of introducing high quality partners to optimise capital structure while maintaining control of core assets.
The approach of inviting equity partners across multiple ownership levels is central to Scatec’s strategy to enhance capital efficiency and drive value creation.
In its first quarter 2026 results, Scatec reported continued progress across its near-term growth portfolio, which has reached a record level. Proportionate revenues were NOK 1,640 million compared to NOK 2,387 million in the same period last year, while EBITDA stood at NOK 774 million compared to NOK 1,379 million.
Power production revenues reached NOK 929 million, down from NOK 1,623 million, with EBITDA of NOK 702 million compared to NOK 1,390 million. The decline was mainly due to divestment gains recorded in Uganda and Vietnam in the first quarter of the previous year. Total proportionate power production increased to 1,046 GWh from 979 GWh.
The Development and Construction segment delivered revenues of NOK 695 million compared to NOK 751 million, with EBITDA rising to NOK 100 million from NOK 26 million. Performance was driven by progress on the Obelisk and Mogobe projects, with margins supported by an NOK 80 million contingency release linked to Obelisk.
During the quarter, Scatec reached several key milestones across its portfolio. These included commercial operation of projects in Tunisia and the first phase of Obelisk in Egypt, as well as the start of construction on five new projects across the Philippines, Romania, Colombia and South Africa, with a combined capacity of 575 MW solar and 80 MWh battery storage.
The company also advanced the 900 MW Shadwan wind project in Egypt to backlog and strengthened its financial position through debt repayments of NOK 286 million and refinancing of its revolving credit facility on improved terms.
Pilskog said the company remains focused on disciplined growth combined with a stronger balance sheet, supporting itself funded growth strategy and long-term value creation.
For the full year 2026, Scatec expects proportionate power production of between 5.05 TWh and 5.45 TWh, with EBITDA from power production forecast in the range of NOK 3,600 million to NOK 3,900 million. The remaining Development and Construction contract value stands at NOK 4.2 billion, with estimated gross margins of 10% to 12% for projects under construction.
Author: Bryan Groenendaal
