EBRD Commits Up to 221 Million Dollars to Scatec’s Egypt Platform and Will Own 40 Percent
The European Bank for Reconstruction and Development (EBRD) has agreed to put up to 221 million dollars, or 191 million euros, into a new Scatec platform that plans to add solar, wind and battery storage capacity in Egypt. The Bank takes 40 percent of the vehicle, Egypt Renewables Holdings B.V., and Scatec keeps 60 percent. On the Bank’s figures, the platform initially plans 2.7 gigawatts of solar, 900 megawatts of wind and 4.2 gigawatt hours of battery storage in Egypt.
Both sides announced the deal on 22 October, and they describe the money differently. The Bank’s release calls the full amount an equity stake of up to 221 million dollars. In a regulatory release at 15:13 GMT, Oslo-listed Scatec says an estimated 170 million dollars of the commitment is equity and the rest is project-level guarantees. On the company’s split, the guarantees come to an estimated 51 million dollars, on our calculation. On the same company figures, equity is an estimated 76.9 percent of the commitment, on our calculation.
A Lender Becomes a Shareholder
The Bank already has a link to one of these assets. It was one of four senior lenders to Obelisk, Scatec’s solar and battery complex, alongside the African Development Bank, British International Investment and the European Investment Bank. In May 2025 it also provided a 30 million dollar equity bridge loan for the same project. With this deal it becomes a shareholder as well.
The platform is expected to hold 40 percent of Obelisk and 51 percent of the Shadwan wind farm. The company expects it to hold an estimated 60 percent of Energy Valley and of the first phase of the Egypt Aluminium project at Dandara, with other minority investors alongside. Through the vehicle, the Bank’s indicative economic interest in Obelisk comes to 16.0 percent, on our calculation from the expected project stakes. In Shadwan it would be 20.4 percent, on our calculation. In Energy Valley and Dandara it would be an estimated 24.0 percent, on our calculation from the company’s approximate 60 percent. These are indicative figures, not stakes the releases state.
Shadwan also has a partner outside the platform. EDF power solutions is targeting a 29 percent stake. With the platform’s share, that covers 80 percent of the project, on our calculation. The releases do not assign the remaining 20 percent, on our calculation. Scatec remains lead sponsor, developer, construction contractor and asset manager across every project in the vehicle.
The project list and the Bank’s capacity figure stand on different bases. Obelisk and Energy Valley together carry more solar than the 2.7 gigawatts the Bank gives for the platform, on our sum. The releases do not say how the Bank’s figure is built.
Where the Platform Holds Stakes
| Project | Capacity | Expected platform stake | EBRD indicative interest |
|---|---|---|---|
| Obelisk | 1.1 GW solar, 200 MWh storage | 40% | 16.0% |
| Shadwan | 900 MW wind | 51% | 20.4% |
| Energy Valley | 1,950 MW solar, 3,935 MWh storage | 60% (est.) | 24.0% (est.) |
| Egypt Aluminium phase 1, Dandara | not published | 60% (est.) | 24.0% (est.) |
Stakes and capacities from the company’s releases of 22 October, 1 October and 12 August 2026 and 13 March 2025; “est.” marks the company’s approximate 60 percent. The full Egypt Aluminium project is 1.1 GW of solar with 200 MWh of storage; the size of phase 1 has not been published. EBRD indicative interests are our calculation, at 40 percent of each expected platform stake. The Bank’s 2.7 GW of solar is its own figure for the platform’s initial additions and is not the sum of these rows: Obelisk and Energy Valley alone exceed it, and the two releases use different bases.
What the Projects Add
Shadwan is the wind piece. Construction of the 900 megawatt onshore farm began on 1 October, and the first phase is due to start commercial operation at the end of 2027. Its capital cost is 716 million dollars. That works out at 0.80 million dollars per megawatt, on our calculation.
The company expects Shadwan to produce an estimated 4 terawatt hours a year. On our calculation, that means the turbines would run at an estimated 50.7 percent of their full rated output across the year.
Energy Valley is the largest project in the vehicle by capacity, on our reading of the releases. It combines 1,950 megawatts of solar and 3,935 megawatt hours of batteries. That capacity sits in one integrated solar and battery plant and two standalone battery projects. The company expects an estimated 6,000 gigawatt hours a year. That is an estimated 3.08 gigawatt hours per megawatt, on our calculation. Shadwan’s figure is an estimated 4.44, on our calculation. Financial close and the start of construction are expected by the end of this year.
Obelisk is already running. Its second phase reached commercial operation on 12 August. That came 15 months and 7 days after the company announced the start of construction on 5 May 2025, on our count. It is expected to deliver more than 3,000 gigawatt hours a year under a 25-year dollar contract with the Egyptian Electricity Transmission Company.
Platform Projects by Cost and Output
| Project | Capital cost | Output a year | Stage |
|---|---|---|---|
| Obelisk | $590m (est.) | over 3,000 GWh | Fully operating since 12 Aug 2026 |
| Shadwan | $716m | 4 TWh (est.) | Under construction since 1 Oct 2026 |
| Energy Valley | to be disclosed at financial close | 6,000 GWh (est.) | Financial close expected by end 2026 |
| Egypt Aluminium, full project | $650m (est.) | not stated | Power deal signed 13 Mar 2025 |
Company releases of 5 May 2025 (Obelisk cost), 13 March 2025, 11 January 2026, 12 August 2026 and 1 October 2026. “est.” marks figures the company gives as approximate. The company described the Egypt Aluminium agreement as the country’s first utility-scale power purchase deal with an industrial buyer.
Set Against Egypt’s Fleet
Egypt had 2,895.7 megawatts of wind in operation in the July 2026 quarterly bulletin of the New and Renewable Energy Authority (NREA), on our sum of its public and private figures. Shadwan alone equals 31.1 percent of that, on our calculation.
Storage is where the platform reaches furthest. The bulletin shows 500 megawatt hours of batteries in operation. The platform’s 4.2 gigawatt hours is 8.4 times that, on our calculation. Against the 13,850 megawatt hours in the pipeline to 2030, it is 30.3 percent, on our calculation.
The platform’s 3,600 megawatts of solar and wind, on the Bank’s figures, equal 17.3 percent of the 20.8 gigawatt pipeline to 2030, on our calculation. These ratios are scale comparisons. They do not mean the platform adds capacity on top of the published pipeline, which may already include its projects.
With Obelisk and the 380 megawatt Benban plant, the company said in August that it had an estimated 1.5 gigawatts in operation. Its near-term Egypt pipeline adds more than 4.3 gigawatts of capacity and 4.1 gigawatt hours of storage. In capacity, that is an estimated 2.9 times its operating base, on our calculation. The company expects the combined portfolio to deliver an estimated 17 terawatt hours a year.
For the group, the platform is large too. Scatec has 2 gigawatt hours of storage in operation and under construction worldwide. The Egypt platform’s 4.2 gigawatt hours is 2.1 times that, on our calculation.
The Platform Against Egypt’s Renewables Base
| Measure | Platform | Egypt, NREA July 2026 | Ratio |
|---|---|---|---|
| Wind capacity | 900 MW | 2,895.7 MW in operation | 31.1% |
| Battery storage | 4.2 GWh | 500 MWh in operation | 8.4 times |
| Battery storage | 4.2 GWh | 13,850 MWh pipeline to 2030 | 30.3% |
| Solar and wind | 3,600 MW | 20.8 GW pipeline to 2030 | 17.3% |
Egypt figures from the authority’s quarterly bulletin, Issue 31, July 2026; wind in operation is our sum of public and private capacity. Platform figures are the Bank’s initial additions. Ratios are our calculation and serve as scale comparisons: the platform’s projects may already sit inside the published pipeline.
The projects sit under the energy pillar of Egypt’s Nexus of Water, Food and Energy programme, launched at the COP27 climate conference in Sharm El Sheikh. The Bank leads that pillar. Since it began working in Egypt in 2012, it has invested more than 16 billion euros there. That money has gone into 238 projects. Scatec’s chief executive, Terje Pilskog, called Egypt “one of Scatec’s most important markets”.
Why it matters: Egypt wants 45 percent of its energy mix from new and renewable sources by 2028 and 50 percent by 2030, Prime Minister Mostafa Madbouly said at the Egypt Forum on 22 October. The EBRD says this investment will strengthen Egypt’s energy security and reduce its reliance on imported fossil fuels. The Bank comes in with long-term capital as a shareholder. The platform is set to hold stakes in a running solar plant and a wind farm under construction.
Outlook: Energy Valley’s capital cost is due to be disclosed at financial close, expected by year end. Shadwan’s first phase is due on line at the end of 2027. The size of the Dandara first phase is the next figure to watch. Over time the platform may also invest across the wider Middle East and North Africa.
Sources: Scatec, EBRD, Egyptian Cabinet, New and Renewable Energy Authority, The Edge.
