The European Bank for Reconstruction and Development (EBRD) is taking an equity stake of up to USD 221 million in an investment vehicle established by Norway's Scatec ASA, a move aimed at expanding large-scale renewable energy and battery storage in Egypt.

The vehicle, called Egypt Renewables Holdings B.V., plans to facilitate the addition of 2.7 GW of solar capacity, 900 MW of wind capacity and 4.2 GWh of battery energy storage to Egypt's renewable energy capacity.

According to the EBRD, the investment is intended to strengthen Egypt's energy security and reduce the country's reliance on imported fossil fuels.

Structure of the Investment

Under the arrangement, the EBRD is acquiring a minority equity stake in the investment vehicle, while Scatec ASA remains the majority stakeholder. The vehicle will be used to finance the acquisition, development and construction of renewable energy infrastructure in Egypt and across the southern and eastern Mediterranean (SEMED) region.

The portfolio will initially support the addition of solar, wind and battery storage capacity in Egypt, with the vehicle's remit extending to the wider SEMED region. The EBRD described the commitment as an equity investment of up to USD 221 million, and said it would provide long-term capital as a shareholder.

Statements From the Partners

Harry Boyd-Carpenter, Managing Director of the EBRD's Sustainable Infrastructure Group, said the equity investment marks an important step in strengthening Egypt's energy security.

"By partnering with Scatec, the EBRD is providing long-term capital as a shareholder, helping to expand access to reliable renewable energy," he said. He added that the investment would help to address one of the country's most pressing development challenges while reducing reliance on imported fossil fuels.

Scatec ASA Chief Executive Officer Terje Pilskog said Egypt has become one of Scatec's most important markets. "This platform reflects both the scale of what we are building there and the quality of the assets we have developed," he said. Pilskog added that partnering with the EBRD brings institutional capital and a long-term commitment that will accelerate Scatec's growth ambitions across the region.

Link to Egypt's Nexus Initiative

The renewable energy projects will be developed under the energy pillar of Egypt's flagship Nexus of Water, Food and Energy initiative, which was launched at the COP27 climate conference in Sharm El Sheikh.

The EBRD-led pillar supports the delivery of private-sector renewable energy capacity, electricity-network investment, skills development and a just energy transition.

About Scatec ASA

Scatec ASA is a Norway-based integrated power producer specialising in renewable energy solutions. Founded in 2007 and listed on the Oslo Stock Exchange since 2014, the company is described by the EBRD as a long-time partner in developing renewable energy and battery storage projects in the Bank's countries of operation.

The EBRD's Role in Egypt

The EBRD describes itself as a leading institutional investor in Egypt. Since beginning operations in the country in 2012, the Bank has invested more than USD 17.9 billion in 238 projects there.

The announcement was published on 22 October 2026 alongside other EBRD news, including the launch of a Green Economy Financing Facility with the European Union to support the Palestinian economy. That separate USD 29 million programme is designed to support green investments by businesses and households.

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