The European Bank for Reconstruction and Development (EBRD) is investing up to €191 million in Egypt Renewables Holdings B.V., the platform through which Scatec plans to build out its Egyptian portfolio and expand into neighbouring countries. Scatec remains the majority owner, and the platform will finance the acquisition, development and construction of new projects, with 4.2 GWh of battery storage planned alongside the solar and wind capacity.
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After lending to Scatec’s earlier projects in Egypt, the EBRD is now investing directly in the platform. “This equity investment marks an important step in strengthening Egypt’s energy security,” said Harry Boyd-Carpenter, managing director of the bank’s Sustainable Infrastructure Group. “By partnering with Scatec, the EBRD is providing long-term capital as a shareholder, helping to expand access to reliable renewable energy. This will help to address one of the country’s most pressing development challenges while reducing reliance on imported fossil fuels.”
Built on Obelisk
The EBRD was previously among the lenders behind Scatec’s Obelisk project, a 1.1 GW solar plant with a 100 MW/200 MWh battery that reached full commercial operation in August and is Africa’s largest hybrid solar and storage installation. Together with the 380 MW Benban solar plant, Obelisk gives Scatec around 1.5 GW of capacity in operation in Egypt.
“Egypt has become one of Scatec’s most important markets, and this platform reflects both the scale of what we are building there and the quality of the assets we have developed,” said Scatec chief executive Terje Pilskog. “Partnering with the EBRD brings institutional capital and a long-term commitment that will accelerate Scatec’s growth ambitions across the region.”
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The new projects will be developed under Egypt’s Nexus of Water, Food and Energy (NWFE) programme, launched at the COP27 climate conference in Sharm El Sheikh in 2022. The EBRD leads its energy arm, which covers private-sector renewables, grid investment, skills as well as a fair transition for workers and communities.
Scatec was founded in 2007 and has been listed on the Oslo Stock Exchange since 2014. Over the years, it has worked with the EBRD on renewable and storage projects in several of the bank’s markets. Since it began operating in Egypt in 2012, the bank has invested more than €16 billion in 238 projects in the country. (TF)
