Scatec expects to record a profit from selling a further stake in Egypt’s 1.1GW Obelisk solar project, CEO Terje Pilskog said during the Norwegian developer’s 30 October Q3 results presentation. The transaction is expected to close before year-end, although Scatec has yet to say how much it expects to make from the sale. The anticipated profit is not included in its earnings guidance.
The divestment is part of Scatec’s new Egyptian renewables platform with the EBRD, which has committed up to $221mn in equity and guarantees across four projects. Scatec’s effective Obelisk holding is set to fall from 40% to 24% ((MEES, 30 October)). Obelisk, which includes 200MWh of battery storage, entered full commercial operation in August ((MEES, 14 August)). (CONTINUED - 180 WORDS)
