MBH advises NBE on Obelisk solar deal in Egypt

Matouk Bassiouny & Hennawy (MBH) acted as legal counsel to National Bank of Egypt (NBE), 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.

Under the terms of the transaction, NBE acquires 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%).

Legal team

The MBH team advising on the transaction was led by partner Hazem El Guindi (partner, pictured left) on the corporate section, and Mahmoud Bassiouny (regional managing partner, group head of finance & projects, pictured right) and senior associate Iman Nassar on the financing section.