[Solar: National Bank of Egypt Takes 20% Stake in Scatec’s 1.1 GW Obelisk]

Published: May 11, 2026 17:45
Scatec signed an agreement with the National Bank of Egypt (NBE) for a 20% equity stake in the 1.1 GW Obelisk solar-plus-storage project. This $590 million hybrid development features 1.1 GW of PV and 200 MWh of storage. The ownership now split includes Scatec (40%), NBE (20%), EDF (20%), and Norfund (20%). Simultaneously, AMEA Power’s $700 million Abydos project (1 GW PV + 600 MWh BESS) remains on track for a June 2026 commissioning, reinforcing Egypt's position as a hub for large-scale hybrid renewable assets.

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