- The EIB committed $150m to Egypt’s 1.1 GW Obelisk solar-plus-storage project, the largest hybrid system in Africa, as Egypt inaugurated its first phase.
- The project advances Egypt’s 42% renewable target for 2030 and strengthens EU–Egypt cooperation on clean energy and energy security.
The European Investment Bank (EIB), through its development arm EIB Global, has approved a $150 million financing package for Egypt’s Obelisk solar photovoltaic project. The announcement coincided with the inauguration of the project’s first phase in Qena on Monday, January 12.
Egyptian Prime Minister Mostafa Madbouly attended the event alongside senior ministers, regional officials and international partners. Stakeholders, including EIB Global Director General Andrew McDowell, Deputy Prime Minister Kamel Al-Wazir, and Minister Rania Al-Mashat, were present. In addition, Minister Mahmoud Esmat participated in the ceremony. Qena Governor Khaled Abdel Halim, EU Ambassador Angelina Eichhorst and Scatec CEO Terje Pilskog also joined.
Furthermore, Scatec is developing the Obelisk project as a 1.1 GWp solar photovoltaic plant combined with a 100 MW/200 MWh battery energy storage system. Upon completion, the project will become Africa’s largest hybrid solar PV facility. Electricity generated will be sold to the Egyptian Electricity Transmission Company under a long-term power purchase agreement.
Meanwhile, the African Development Bank is co-financing the project alongside several European institutions. The European Bank for Reconstruction and Development (EBRD) and British International Investment (BII) are contributing under a Team Europe approach. Additional support includes grants, concessional finance and an EU NDICI guarantee, reflecting Europe’s role in Egypt’s clean energy transition.
EIB Vice-President Gelsomina Vigliotti said the project demonstrates how European financing can accelerate Egypt’s clean energy ambitions. She stated that the EIB is investing in renewable infrastructure that delivers affordable and sustainable power, while reinforcing its partnership with Egypt.
Scatec CEO Terje Pilskog also said international support remains instrumental in driving the initiative forward. He said Scatec is proud to work with partners to strengthen Egypt’s renewable energy future.
EIB Global Director General Andrew McDowell said the inauguration of the first phase shows what long-term financing and strong national ambition can achieve. He said the EIB is helping translate climate commitments into concrete infrastructure that delivers clean electricity and builds local capacity.
EU Ambassador Angelina Eichhorst stated that the project demonstrates how Egypt can provide clean and reliable energy, create skilled jobs, and advance climate action, with the EU as a key partner.
The project supports Egypt’s target to source 42 per cent of its electricity from renewable energy by 2030. It also aligns with EU priorities under REPowerEU and the EU–Egypt Partnership Priorities. The financing highlights the EIB’s commitment to climate action, energy security and sustainable development across the Southern Neighbourhood.