Scatec, EBRD partner on $221M Egypt clean energy platform

Norwegian renewable energy company Scatec ASA and the European Bank for Reconstruction and Development (EBRD) have agreed to establish an investment platform in Egypt, with the EBRD providing up to $221 million to support solar, wind, and battery storage projects.

The platform aims to help add 2.7 gigawatts (GW) of solar capacity, 900 megawatts (MW) of wind capacity, and 4.2 gigawatt-hours (GWh) of battery energy storage to Egypt’s renewable energy portfolio, supporting the country’s energy security and clean energy expansion.

According to Scatec’s statement, the partners signed a Share Purchase Agreement (SPA) under which the EBRD will acquire an equity stake in the platform. Named Egypt Renewables Holdings B.V., the vehicle will be owned 60% by Scatec and 40% by the EBRD.

The EBRD’s financing comprises $170 million in equity, with the balance allocated to project-level guarantees.

Stakes in solar, wind, and storage projects

The platform will finance the acquisition, development, and construction of renewable energy infrastructure, focusing primarily on Scatec’s near-term project portfolio in Egypt.

It is expected to hold a 40% equity interest in Obelisk, Africa’s largest integrated solar and storage project, and a 51% stake in Shadwan, the 900 MW onshore wind farm.

Alongside other minority co-investors, the platform will also hold approximately 60% equity interest in the first phase of the Egypt Aluminium project, known as Dandara, and the Energy Valley project.

Over time, the investment vehicle may pursue additional opportunities across the broader Middle East and North Africa (MENA) region.

Building on an existing partnership

The agreement extends Scatec and the EBRD’s cooperation in Egypt’s renewable energy sector. In June 2025, Scatec reached financial close on the 1.1 GW Obelisk solar project, which includes a 100 MW/200 MWh battery energy storage system. Financing came from the EBRD, the African Development Bank, and British International Investment.

Scatec, a Norway-based integrated power producer specializing in renewable energy, has worked with the EBRD on renewable energy and battery storage projects across the Bank’s countries of operation.

Since starting operations in Egypt in 2012, the EBRD has invested more than €16 billion in 238 projects in the country.

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