Scatec ASA

M&A Activity • Dec 8, 2025

Scatec signs equity partnership agreements for Obelisk in Egypt

Scatec signs equity partnership agreements for Obelisk in Egypt

Oslo/Cairo, 08 December: Scatec ASA, a leading renewable energy solutions

provider, has signed shareholder agreements with Norfund, the Norwegian

investment fund for developing countries and EDF power solutions, an

international energy player which develops, builds and operates renewable and

low-carbon energy production facilities, for an equity partnership in Scatec's

1.1GW solar and 100MW/200MWh battery storage hybrid project, Obelisk in Egypt.

"We are very pleased to continue our valuable collaborations with Norfund and

EDF power solutions through these partnerships. 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," says Scatec CEO Terje Pilskog.

Following the transaction, Norfund will own 25% of the Obelisk holding company

with Scatec owning the remaining 75%. EDF power solutions will own 20% of the

operating company (SPV), bringing Scatec's and Norfund's total economic interest

to 60% and 20% 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.

For further information, please contact:

For analysts and investors:

Andreas Austrell, SVP IR

andreas.austrell@scatec.com

(mailto:andreas.austrell@scatec.com)+47 974 38 686

For media:

Meera Bhatia, SVP External Affairs & Communications

meera.bhatia@scatec.com (mailto:meera.bhatia@scatec.com)

+47 468 44 959

About Scatec

Scatec is a leading renewable energy solutions provider, accelerating access to

reliable and affordable clean energy in emerging markets. As a long-term player,

we develop, build, own, and operate renewable energy plants, with 6.2 GW in

operation and under construction across five continents today. We are committed

to growing our renewable energy capacity, delivered by our passionate employees

and partners who are driven by a common vision of 'Improving our Future'. Scatec

is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the

ticker symbol 'SCATC'. To learn more, visit www.scatec.com

(http://www.scatec.com) or connect with us on LinkedIn

(https://www.linkedin.com/company/scatec/).

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act