Signed a contract for a 1.1GW project and put into operation a 273MW power station--Seetao

On December 11, 2025, Norwegian renewable energy company Scatec announced the completion of equity contracts for its large-scale "Obelisk" solar energy storage project in Egypt, while the Grootfontein solar power plant in South Africa was officially put into operation. Scatec has signed equity agreements with Norwegian state-owned investment fund Norfund and French power company EDF to jointly promote the Obelisk solar and energy storage project in Egypt. The project has a scale of 1.1GW/200MW, making it Scatec's largest renewable energy project to date. According to the agreement, Norfund will hold a 25% stake in the project holding company, EDF will hold a 20% stake in the operating company, and Scatec will continue to maintain a majority stake. The CEO of the company, Terje Pilskog, stated that the project will combine solar energy and battery storage to provide Egypt with stable and cost competitive electricity. At the beginning of 2025, Scatec has raised over $400 million in funding for the project and plans to introduce more partners to optimize the capital structure. In South Africa, Scatec's 273MW Grootfontein solar photovoltaic power station has officially started operation. This project is developed based on the procurement plan of South African renewable energy independent power producers and holds a 20-year power purchase agreement. Scatec completed project financing in 2023 and owns 51% of its shares, with the remaining shares held by local black economic revitalization partners and community trust funds. Alberto Gambakota, the head of Scatec Africa, pointed out that this project is the company's first power station in the Western Cape province and the first solar project to achieve commercial operation in this round of bidding, demonstrating Scatec's continuous investment and localization commitment in the South African market. Scatec stated that by collaborating with international organizations and local partners, the company aims to improve capital efficiency, create greater value, while maintaining operational control over projects. Previously, Norfund had supported Scatec's 130MW solar project in Colombia. In the South African market, Scatec has accumulated large-scale installed capacity and has won an additional 846MW in the latest round of bidding. This series of trends reflects Scatec's deepening layout and long-term strategy in the field of clean energy in Africa. Editor/Yang Beihua

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