Scatec and BERD form renewable energy partnership

Scatec, a Norwegian company specializing in renewable energy projects, has partnered with the European Bank for Reconstruction and Development (BERD) to create an investment platform focused on renewable energy in Egypt. The platform will be majority-owned by Scatec, which holds 60 percent, while BERD will own 40 percent and contribute up to 221 million USD, including 170 million USD in equity.

Structure of the investment platform

The investment platform is expected to acquire stakes in several existing projects in Egypt, including 40 percent in Obelisk, 51 percent in Shadwan, and around 60 percent in the Dandara and Energy Valley projects. These projects are already part of Scatec’s portfolio and are at various stages of development. Scatec will continue to manage the development, construction, and operation of the power plants.

Scatec highlights Egypt's strategic importance

Scatec’s chief executive, Terje Pilskog, emphasized that Egypt has become one of the company’s most critical markets. He noted that the partnership with BERD brings long-term institutional capital, which is vital for Scatec’s growth. The collaboration also represents a new phase in an ongoing financial relationship between Scatec and BERD.

BERD’s history with Scatec in Egypt

BERD has previously supported Scatec in Egypt, including financing six solar power plants in Benban in 2017 and helping with their refinancing through green bonds in 2022. More recently, BERD joined with the African Development Bank (AfDb) and British International Investment (BII) to fund the 479.1 million USD Obelisk solar power storage complex, announced in June 2025.

Future expansion potential

This partnership marks the first time BERD is becoming a shareholder in a structure that combines multiple projects. The model is expected to help Scatec attract more capital for its expansion. The company may also consider extending the investment platform to other markets in the future.