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Scatec’s Shadwan project has moved into construction, but that milestone alone does not establish that Scatec shares are undervalued—or fully priced. The 900 MW wind farm is expected to cost USD 716 million and produce about 4 TWh a year at full operation. Its eventual value to shareholders depends on financing close, Scatec’s ownership after partners join, phased commissioning and project cash flows. Available market-valuation figures are a dated third-party snapshot, not a complete valuation.
What has started at Shadwan?
Scatec and EDF power solutions announced the start of construction on 1 October 2026 for the Shadwan onshore wind project at Ras Shukeir, Egypt. Scatec puts total project capital expenditure at USD 716 million and expected annual generation at approximately 4 TWh. It estimates avoided emissions of 1.6 million tonnes of CO2 a year. These are project estimates, not operating results. Scatec’s announcement says the first phase is expected to reach commercial operation at the end of 2027.
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The International Finance Corporation (IFC) project disclosure gives a more specific expected ramp: 242 MW entering operation by the end of November 2027, with the full 900 MW targeted by April 2028. Those are planned milestones, not confirmation that the phases have been completed. The disclosure names Envision for turbines, Orascom for balance-of-plant works, Siemens/Arcon for substation works and TYPSA for engineering. IFC’s project disclosure provides the project details.
Do these 3 things before closing this tab:
1Fix the driver behind crashes, sound loss and screen glitches2Clear out junk files and repair common Windows errors3Scan for outdated or missing drivers - takes under a minuteScatec’s approximate 4 TWh annual-generation estimate divided by the theoretical maximum output of a continuously operating 900 MW plant implies a capacity factor of roughly 51%. This is a calculation from the company’s estimates, not an independently published forecast. Wind conditions, equipment availability, curtailment and the commissioning ramp can all affect actual output.
#1 Best Overall
- FIFTH-GENERATION WIND TURBINE KIT: Updated version of the best-selling STEM kit about wind power and energy, kids can make their own wind turbine to explore this renewable energy source.
- OPTIMIZED FOR INDOOR & OUTDOOR USE: Design includes a new blade hub and gear ratio to enhance performance in outdoor wind and with indoor fan setups.
- WHAT YOU LEARN: Dive into the technology behind one of the most promising sources of clean energy, how it has been used it the past, and how it is used today.
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- GUIDED JOURNEY THROUGH WIND POWER: The 32-page, full-color manual provides illustrated step-by-step assembly instructions and easy-to-understand explanations about the scientific concepts at work.
How much of the project’s economics will belong to Scatec?
The ownership split is not yet settled in the available disclosures. Scatec says it signed a joint development agreement with EDF that targets a 29% EDF equity stake, and that it intends to invite additional equity partners. The announcement does not establish that the targeted stake transfer has closed. As partners enter, the portion of project economics attributable to Scatec may differ from the project’s total economics. Scatec’s project announcement describes the target and partner plans.
Scatec is also set to provide engineering, procurement and construction (EPC), asset management, and operations and maintenance services. These roles may generate service-related business, but the available announcement does not quantify their revenues, margins or contribution to Scatec’s per-share value.
Rank #2
- The windmill generator uses green science to harness wind power and light an LED bulb.
- This kit contains all the materials needed to build a 5-inch windmill generator with LED light. Just add a recycled soda bottle.
- An enclosed pamphlet contains fun facts about renewable energy.
- Detailed assembly instructions included.
- Recommended for ages 8 years and up.
What is known about funding—and what remains open?
Scatec says the Arab Energy Fund’s three-year equity bridge facility totals USD 150 million across Shadwan and Energy Valley, with USD 50 million allocated to Shadwan. An equity bridge is interim funding; it is not the same as completed long-term project financing.
Scatec says it has signed mandate letters with a consortium of development finance institutions for long-term non-recourse project financing and expects financial close by year-end 2026. The expectation is not evidence that close has occurred or that final financing terms are settled. Separately, the European Bank for Reconstruction and Development (EBRD) describes a proposed senior loan of up to USD 192 million to Shadwan Wind Power S.A.E., the Egyptian project company. That proposed loan disclosure does not establish that the debt has been drawn. See EBRD’s project page for its description.
Rank #3
- Build and experiment with a real, working 3-foot tall wind turbine to learn how wind is one of the most promising sources of clean, renewable energy available today.
- Single-piece blade construction for improved durability and better aerodynamics.
- Generate electricity to charge a battery and power a small model car.
- New weatherproof battery box can be left outside!
- Includes stakes to secure the turbine to the ground.
What do Scatec’s company results tell investors?
Scatec’s Q1 2026 results provide context for the wider business, not a forecast of Shadwan’s attributable cash flows. For the quarter, the company reported proportionate revenue of NOK 1,640 million, EBITDA of NOK 774 million and power production of 1,046 GWh. Its full-year 2026 outlook for proportionate power-production EBITDA was NOK 3,600–3,900 million. That outlook concerns Scatec’s broader power-production portfolio; it should not be read as Shadwan earnings. The company’s Q1 2026 results release sets out these figures.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Do the reported share-price figures show that Scatec is fully priced?
Not on their own. A Simply Wall St article dated 10 October 2026 reported a last close of NOK 104, a “popular narrative” fair value of NOK 129.89 and a price-to-sales multiple of 4.3x. These are third-party figures reported on that date, not a live quote or an independently reproducible intrinsic-value calculation in the available evidence. The article’s narrative valuation and peer comparisons depend on its methods and assumptions. Simply Wall St’s article is a dated snapshot; investors should verify share-price and company inputs against current market and company information.
Rank #4
- Material: ABS engineering plastics;Net weight: approx. 147g
- A great replica of a Wind Powered Turbine, which is powered by sunlight shining on a solar panel in the base.
- It is a great desk model for an executive or an educational item to assist children understands the change between Solar Power and wind power.
- It is a great gift for your child, for your friend, for your client, and everyone who is interested in this product.Easy assemble. No glue required, No battery required.
- What's You Get: 1 x Solar Powered Rotating Base,1 x Tray,1 x windmill
A defensible valuation would need more than a construction announcement or a single valuation multiple. In particular, it would require a current share price, updated net debt and share count, Shadwan cash-flow estimates attributable to Scatec after partner ownership, and explicit assumptions about financing, costs, power output and valuation. Those inputs are not established here, so a definitive “fully priced” verdict is not supported.
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Best Value
- Realistic Wind Turbine Model: This wind turbine model toy mimics a real wind turbine to scale, and the most interesting thing is that its blades can also turn.
- 21.65inch Large Size Model: Compared to other ordinary wind turbine models, this wind turbine model has a large size, which can be installed up to 55cm/ 21.65inch.
- Wind-up Wind Turbine: This windmill toy adopts wind-up design that enables the blades turn automatically after it gets winded up. To wind it up, we just need to turn its blades clockwise for several rounds.
- Learn While Playing: This model of a wind turbine is not only a toy, but also a scientific and educational tool. It can guide children to understand the role of wind and inertia more intuitively, and cultivate children's interest in science.
- Suitable for Multiple Occasions: Kids can play with this windmill toy on their own or DIY transform it in the company of their parents. Teachers can also use it as an improvised teaching tool in the classroom.
What should investors watch next?
- Ownership: Whether EDF’s targeted stake is completed and how much additional equity partners take.
- Financing: Whether long-term non-recourse financing reaches close, and what its final terms are.
- Construction and commissioning: Whether the planned 242 MW and full-capacity milestones are met.
- Project performance: Whether actual generation and costs track the estimates once the wind farm operates.
- Attributable value: How Scatec’s disclosed project exposure and cash flows translate into per-share value, alongside updated company-level valuation inputs.
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