The European Investment Bank (EIB), through its development arm EIB Global, announced on Tuesday a $150m financing package for Egypt’s Obelisk solar photovoltaic project, coinciding with the inauguration of the first phase of the plant in Qena.
The event was attended by Egyptian Prime Minister Mostafa Madbouly; EIB Global Director General Andrew McDowell; Deputy Prime Minister for Industrial Development and Minister of Transport and Industry Kamel Al-Wazir; Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat; Minister of Electricity and Renewable Energy Mahmoud Esmat; Qena Governor Khaled Abdel Halim; European Union Ambassador to Egypt Angelina Eichhorst; and Scatec CEO Terje Pilskog.
The Obelisk project comprises a 1.1 GWp solar photovoltaic plant combined with a 100 MW/200 MWh battery energy storage system, developed by Scatec, making it the largest hybrid solar PV project in Africa. Electricity generated by the project will be sold to the Egyptian Electricity Transmission Company under a long-term power purchase agreement, supporting a more resilient, diversified and sustainable power system.
The project is being co-financed with the African Development Bank and, under 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. The coordinated effort underscores Europe’s role as a long-term and reliable partner in Egypt’s green energy transition.
“This landmark project demonstrates how strategic European financing can accelerate Egypt’s clean energy ambitions while strengthening energy security and economic resilience,” said EIB Vice-President Gelsomina Vigliotti. “By supporting the Obelisk solar project, the EIB is investing in large-scale renewable infrastructure that delivers affordable, sustainable power, supports decarbonisation, and reinforces our partnership with Egypt under the European Union’s Global Gateway and the EU-Egypt Strategic Partnership.”
“Scatec is very pleased to welcome the European Investment Bank as a partner in the Obelisk project,” said Terje Pilskog, CEO of Scatec. “Their support is instrumental in driving this landmark initiative forward, and we are proud to be working together to strengthen Egypt’s renewable energy future.”
“The inauguration of Obelisk’s first phase shows what can be achieved when strong national ambition is matched with reliable long-term financing and effective partnerships,” said EIB Global Director General Andrew McDowell. “By supporting Egypt’s first large-scale solar project with battery storage, the EIB is helping to translate climate commitments into concrete infrastructure that delivers clean electricity, builds local capacity and accelerates the energy transition.”
“The European Union stands with Egypt as it accelerates its green transition,” said EU Ambassador to Egypt Angelina Eichhorst. “The Obelisk photovoltaic solar project is a shining example of how our Egyptian partners deliver clean, reliable energy, create skilled jobs and advance climate action, with the EU as a strong partner.”
The Obelisk project directly supports Egypt’s target of sourcing 42% of electricity generation from renewable energy by 2030, while also contributing to EU priorities under REPowerEU and the EU–Egypt Partnership Priorities. It further reflects the EIB’s commitment to advancing climate action, energy security and sustainable development across the Southern Neighbourhood.
