We are pleased to announce that Matouk Bassiouny & Hennawy ("MBH") acted as legal counsel to Scatec ASA, a leading renewable energy solutions provider, in connection with a shareholder agreement with National Bank of Egypt ("NBE") for an equity partnership in Scatec's 1.1GW solar and 100MW/200MWh battery storage hybrid project, Obelisk in Egypt.
Following the transaction, NBE holds a 20% economic interest in the project. Scatec retains a 40% economic interest while maintaining majority control through a layered ownership structure, with the remaining stakes held by EDF power solutions (20%) and Norfund (20%).
The transaction reflects growing local institutional participation in Egypt's renewable energy sector and supports Scatec's strategy of bringing in high-quality partners to optimize capital structure while retaining control of core assets.
The MBH team advising on the transaction was led by Hazem El Guindi (Partner) on the corporate section, and Mahmoud Bassiouny (Regional Managing Partner Group Head of Finance & Projects) and Iman Nassar (Senior Associate) on the financing section.