Transaction

Norfund and EDF Power Solutions' investment into Obelisk Hybrid Solar and Battery Project in Egypt

Announced

8 December 2025

Target

Obelisk Solar Power SAE

Value

Undisclosed

Asset class

Infrastructure & Project Finance

Type

Project Financing

Instrument

Ordinary Shares (Equity)

Investors

The Norwegian Investment Fund for Developing Countries (NORFUND), EDF Power Solutions

Sector

Energy and power / Utility-Scale Solar

Markets

Egypt

About the target

Obelisk Solar Power SAE is a Special Purpose Vehicle (SPV) wholly owned by Scatec ASA, a Norwegian renewable energy company. The company is developing a 1.1 GW alternating current (AC) solar photovoltaic (PV) power plant integrated with a 200 MWh battery energy storage system (BESS) in Nagaa Hammadi, Qena Governorate, Egypt. This project is the first of its kind in Egypt, combining large-scale solar generation with battery storage to enhance grid stability and support the country's renewable energy transition. The electricity generated will be sold under a 25-year, USD-denominated Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company (EETC), backed by a sovereign guarantee. The project is expected to reduce CO₂ emissions by approximately 1.3 million tonnes annually.