US$150 Million Financing Secured for 1.1 GW Solar Project in Egypt

The European Investment Bank (EIB), through its development arm EIB Global, announced US$150 million in financing for the Obelisk solar photovoltaic project in Egypt, marking the inauguration of the first phase of the plant in Qena Governorate.

The Obelisk project consists of a 1.1 GWp solar photovoltaic plant combined with a 100 MW/200 MWh battery energy storage system, developed by Scatec, making it the biggest hybrid solar PV project in Africa. The electricity will be sold to the Egyptian Electricity Transmission Company under a long-term power purchase agreement, contributing to a more resilient, diversified and sustainable power system.

The project is being co-financed with the African Development Bank, and, following a Team Europe approach, also involves the European Bank for Reconstruction and Development (EBRD) and British International Investment (BII). Additional support is provided through grants, concessional financing, and an EU NDICI guarantee. This coordinated effort highlights Europe’s role as a long-term and reliable partner for Egypt’s green energy transition.

The Obelisk project directly supports Egypt’s target of reaching 42% renewable energy in electricity generation by 2030, while contributing to EU priorities under REPowerEU and the EU-Egypt Partnership Priorities.