Scatec signs equity deals with Norfund and EDF power solutions

Scatec has entered into shareholder agreements with Norwegian concern money Norfund and EDF powerfulness solutions, a planetary developer and relation of renewable and low-carbon powerfulness assets, to found an equity concern for Scatec’s Obelisk task successful Egypt.

Located successful Naga Hammadi successful Upper Egypt, the Obelisk task is simply a hybrid installation combining 1.1GW of star capableness with a 100MW/200MWh artillery vigor retention system.

The Climate Investment Fund, managed by Norfund, has pledged Nkr400m ($39.55m) to Scatec’s Obelisk project, marking its archetypal concern successful Egypt.

Under the transaction, Norfund, done the Climate Investment Fund, volition clasp a 25% involvement successful the Obelisk holding institution portion Scatec volition clasp the remaining 75%.

EDF powerfulness solutions, meanwhile, volition get a 20% involvement successful the operating company.

This results successful Scatec and Norfund holding 60% and 20% economical involvement respectively, with Scatec maintaining economical power implicit the powerfulness plant.

Scatec said it is presently successful precocious talks with further investors and plans to further trim its economical involvement successful the project.

The Obelisk task volition nutrient implicit 3,000GWh of energy each year, preventing astir 1.5 cardinal tonnes of c dioxide emissions annually.

That simplification is connected par with Norway’s largest azygous constituent source, Mongstad, and represents astir 3% of Norway’s full yearly emissions, according to Norfund.

Scatec CEO Terje Pilskog said: “We are precise pleased to proceed our invaluable collaborations with Norfund and EDF powerfulness solutions done these partnerships.

“Obelisk is Scatec’s largest task to commencement operation to day and combines star and batteries to present unchangeable and cost-competitive renewable vigor to enactment Egypt’s increasing powerfulness request and vigor transition.”

In September this year, Scatec finalised a 15-year powerfulness acquisition statement with BTG Pactual Comercializadora de Energía, a subsidiary of Banco BTG Pactual Brazil, for a star powerfulness task successful Colombia.

"Scatec signs equity deals with Norfund and EDF powerfulness solutions" was primitively created and published by Power Technology, a GlobalData owned brand.

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