Matouk Bassiouny & Hennawy | View firm profile
We are pleased to announce that Matouk Bassiouny & Hennawy (“MBH”) acted as legal counsel to National Bank of Egypt (“NBE”), the largest commercial bank in Egypt, in connection with a shareholder agreement with Scatec ASA 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.
For more about Matouk Bassiouny, visit https://matoukbassiouny.com/