Scatec and the European Bank for Reconstruction and Development (EBRD) have signed a share purchase agreement to establish a renewable energy investment platform in Egypt. Scatec will own 60 per cent of the platform, while EBRD will hold the remaining 40 per cent. EBRD has committed up to $221 million to the platform, including about $170 million in equity and the rest through project-level guarantees.
The platform will focus on developing and financing Scatec’s near-term renewable energy projects in Egypt. Furthermore, it is expected to hold a 40 per cent stake in the Obelisk project, 51 per cent in Shadwan, and around 60 per cent in the Egypt Aluminium phase 1 (Dandara) and Energy Valley projects, alongside other minority co-investors. Scatec will remain the lead sponsor, developer, EPC provider, and asset manager for the projects.
Earlier, in October 2026, Scatec, in partnership with EDF Power Solutions, commenced construction of the 900 MW Shadwan onshore wind project in Egypt. The project has a total capital expenditure of $716 million and is expected to generate around 4 TWh of electricity annually. Additionally, Scatec has signed a 3-year equity bridge loan agreement worth $150 million with the Arab Energy Fund.