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connection with the project, Scatec has signed equity bridge loan (EBL)
agreements totalling USD 150 million with The Arab Energy Fund (TAEF). The
3-year EBL facility comprises USD 50 million for Shadwan and USD 100 million
for the 1,950 MW solar 3,935 MWh BESS Energy Valley project.
Scatec has also signed a joint development agreement with EDF, for a targeted
equity stake of 29% in Shadwan, and intends to invite additional equity
partners into the project.
The 900 MW Shadwan project with a total capex of USD 716 million will be one
of the largest onshore wind farms in Africa. The project is expected to
generate approximately 4 TWh annually and avoid an estimated 1.6 million tons
of CO2 emissions annually. Shadwan will be delivered through Scatec’s highly
capital-efficient integrated model, optimising Scatec’s equity funding
requirement by combining the equity bridge loan from TAEF with cash flows
generated from Scatec’s D&C activities.
“Reaching these milestones reflects the scale and momentum of what Scatec is
building in Egypt. Shadwan and Energy Valley together represent a significant
step in our ambition to develop a world-class renewable energy portfolio in
one of the most attractive markets for cost-efficient, secure and clean
energy. The support from The Arab Energy Fund is a strong vote of confidence
in both projects and enables us to initiate construction of Shadwan with
limited capital deployment,” says Scatec CEO Terje Pilskog.
“Shadwan represents a step forward in the development of EDF Power Solutions
in Egypt, under its successful partnership with Scatec. Capitalizing on
Egypt’s exceptional wind resources, Shadwan will provide competitive,
low-carbon electricity, supporting the country’s ambition to accelerate the
implementation of renewable energy projects,” says EDF power solutions CEO
Béatrice Buffon.
“Our financing for Shadwan and Energy Valley reflects TAEF’s commitment to
supporting critical energy infrastructure that advances energy security and
sustainability. We are pleased to partner with Scatec in enabling these
large-scale renewable energy projects and supporting Egypt’s evolving energy
landscape,” said Nicolas Thevenot, Chief Banking Officer of The Arab Energy
Fund.
Scatec has signed mandate letters with a consortium of development finance
institutions for long-term non-recourse project financing at attractive terms,
with financial close for both projects and construction start also for Energy
Valley expected by year end. Scatec will deliver Engineering, Procurement and
Construction (EPC), Asset Management (AM) and Operations & Maintenance (O&M)
services for both projects. Shadwan will be built in phases with the first
phase expected to reach COD at the end of 2027.
About The Arab Energy Fund
The Arab Energy Fund is a multilateral impact financial institution focused on
the MENA energy and utility sectors, established in 1975 by ten Arab
oil-exporting countries. The Arab Energy Fund’s mission is to support the
energy ecosystem with debt and equity solutions to enable energy security and
sustainability and to develop local value chains and services in the MENA
region. The Arab Energy Fund creates impact by contributing to economic
prosperity and enabling local communities via talent development and knowledge
creation. The Arab Energy Fund offers a comprehensive range of funding
solutions across the entire energy value chain to leading public and private
sector business partners in over 35 markets. The Arab Energy Fund applies
best-practice ESG principles across all operations, with environmental and
socially linked projects comprising c. 25% of its USD 6.38bn loan portfolio.
The Arab Energy Fund is the only energy-focused financial institution in the
MENA region rated Aa2’ by Moody’s, AA+’ by Fitch and AA-’ by S&P.
About EDF power solutions
EDF power solutions is an international energy player which develops, builds
and operates renewable and low-carbon energy production facilities as well as
flexible power and electricity transmission solutions. As a major player in
energy transition worldwide, EDF power solutions deploys, within the EDF
Group, competitive, responsible and value-creating projects in more than 20
countries.
For further information, please contact:
For analysts and investors:
Andreas Austrell, SVP Investor Relations
andreas.austrell@scatec.com
For media:
Meera Bhatia, SVP External Affairs & Communications
meera.bhatia@scatec.com
About Scatec
Scatec is a leading renewable energy solutions provider, accelerating access
to reliable and affordable clean energy in emerging markets. As a long-term
player, we develop, build, own, and operate renewable energy plants, with 6.6
GW generation and 2 GWh storage capacity in operation and under construction
across five continents. We are committed to growing our renewable energy
portfolio, delivered by our passionate employees and partners who are driven
by a common vision of Improving our Future’. Scatec is headquartered in Oslo,
Norway and listed on the Oslo Stock Exchange under the ticker symbol SCATC’.
To learn more, visit www.scatec.com or connect with us on LinkedIn.
This information has been submitted pursuant to the Securities Trading Act §
5-12 and MAR. The information was submitted for publication, through the
agency of the contact persons set out above, 01.10.2026 14:54 CEST.
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