Egypt’s National Bank Takes 20% Stake in Scatec’s Obelisk Project

Scatec, NBE sign agreement for equity partnership in Obelisk project

Scatec and the NBE have signed an equity partnership agreement for the company’s Obelisk solar and battery storage project.

Egypt’s National Bank takes 20% stake in Scatec’s Obelisk project

National Bank of Egypt has acquired a 20% equity interest in Scatec ASA's 1.1 GW Obelisk solar and battery energy storage system (BESS) project, reducing the Norwegian developer's economic interest to 40% while leaving it in majority control through a layered ownership structure. 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 str…

National Bank of Egypt buys into Scatec's Obelisk solar-plus-storage project

Scatec has established an equity partnership with the National Bank of Egypt for its Obelisk 1.1GW solar and 100MW/200MWh BESS project.