Scatec signs equity deals with Norfund and EDF power solutions

Core Insights - Scatec has formed an equity partnership with Norfund and EDF power solutions for the Obelisk project in Egypt, which combines solar and battery energy storage [1][2] - The project will generate over 3,000 GWh of electricity annually, significantly reducing carbon dioxide emissions [3][4] Investment Details - Norfund's Climate Investment Fund has committed Nkr400 million ($39.55 million) to the Obelisk project, acquiring a 25% stake in the holding company [2] - Scatec retains a 75% stake in the holding company, while EDF power solutions will hold a 20% interest in the operating company [2][3] Project Specifications - The Obelisk project features 1.1 GW of solar capacity paired with a 100 MW/200 MWh battery energy storage system [1] - The project aims to support Egypt's increasing power demand and energy transition [5] Environmental Impact - The project is expected to prevent approximately 1.5 million tonnes of carbon dioxide emissions each year, equivalent to about 3% of Norway's total yearly emissions [3][4]