Norfund develops, builds and operates renewable and low-carbon energy production facilities.
“We are very pleased to continue our valuable collaborations with Norfund and EDF power solutions through these partnerships” said Scatec CEO Terje Pilskog. “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.”
Following the transaction, Norfund will own 25 percent of the Obelisk holding company with Scatec owning the remaining 75 percent. EDF power solutions will own 20 percent of the operating company (SPV), bringing Scatec’s and Norfund’s total economic interest to 60 percent and 20 percent respectively with Scatec retaining economic control of the power plant.
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. Scatec is in advanced discussions with additional equity partners, aiming to reduce Scatec’s economic interest in the project further.
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