Scatec, a leading renewable energy company, has announced significant shareholder agreements with Norfund and EDF Power Solutions for the ambitious Obelisk project located in Naga Hammadi, Upper Egypt. This hybrid installation is set to produce over 3,000 GWh of electricity annually, contributing substantially to the country’s energy needs while addressing environmental concerns.
The Obelisk project would pair 1.1 GW of solar capacity with a 100 MW/200 MWh battery energy storage system. Beyond its impressive energy output, it will prevent approximately 1.5 million tonnes of carbon dioxide emissions each year, positioning it as a vital contributor to Egypt’s energy transition.
Shareholder Agreements and Stake Distribution
Under the new contracts, Norfund will take 25% of Obelisk holding company. At the same time, with its 75% stake, Scatec will keep a firm grip on control. Further, EDF Power Solutions will assume a 20% equity stake in the operating company of the project. Scatec and Norfund have been working hard to ensure a sizeable enough economic interest in the project. Scatec owns 60%, and Norfund the other 20%.
Unsurprisingly, Scatec maintains strong economic control over the Obelisk power plant. This allows the business to steer its growth in a manner that meets increasing operational and environmental needs. The project has received a good amount of recognition, including recently receiving three 2025 Power Technology Excellence Awards, demonstrating their innovation and impact.
Environmental Impact and Future Plans
Given its importance not just to energy production but to environmental contributions, the Obelisk project is becoming a critical project. By avoiding the equivalent of 1.5 million tonnes of carbon dioxide emissions per year, it supports international action against climate change. In fact, the project’s climate impact is greater than the emissions produced by Norway’s largest single point source, Mongstad. The industry accounts for about 3% of Norway’s annual emissions.
At present, Scatec is in advanced talks with other investors to further dilute its economic interest in the project. That strategic move with the intent to expand partnerships is meant to improve chances of investment in the ever-growing renewable energy sector.
Leadership Statements
Scatec CEO Terje Pilskog expressed his enthusiasm about the project and partnerships, stating, “We are very pleased to continue our valuable collaborations with Norfund and EDF power solutions through these partnerships.” He highlighted that “Obelisk is Scatec’s largest project to start construction to date and combines solar and batteries to deliver stable and cost-competitive renewable energy to support Egypt’s growing power demand and energy transition.”