The European Investment Bank (EIB), through its development arm EIB Global, has announced $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 event was attended by senior Egyptian officials, European Union representatives, and the project developer Scatec, highlighting the strategic partnership between Egypt and Europe in advancing renewable energy.
The Obelisk project, developed by Scatec, consists of a 1.1 GWp solar PV plant paired with a 100 MW/200 MWh battery energy storage system, making it Africa’s largest hybrid solar project. Electricity generated from the plant will be sold to the Egyptian Electricity Transmission Company under a long-term power purchase agreement, enhancing the country’s energy security, diversifying its power mix, and supporting climate and decarbonization goals.
The project is co-financed by the African Development Bank and supported through a Team Europe approach, involving the European Bank for Reconstruction and Development (EBRD), British International Investment (BII), EU grants, concessional financing, and an EU NDICI guarantee. This collaborative model underscores Europe’s role as a long-term partner in Egypt’s green energy transition and emphasizes the importance of reliable, large-scale financing for sustainable infrastructure.
EIB and Scatec officials noted that the Obelisk project demonstrates the impact of strategic financing in accelerating clean energy deployment while creating jobs, building local capacity, and contributing to Egypt’s goal of achieving 42% renewable energy in electricity generation by 2030. The project also aligns with EU priorities under REPowerEU and the EU-Egypt Strategic Partnership, supporting broader objectives of climate action, energy security, and sustainable development in the Southern Neighbourhood.
As part of the Global Gateway Investment Agenda, EIB Global continues to leverage its international development finance expertise to support high-impact projects across sectors including energy, transport, digital, health, and education, strengthening global connectivity and sustainable infrastructure development. The Obelisk project exemplifies how coordinated international partnerships can translate ambitious climate and energy commitments into tangible, large-scale renewable energy solutions.
