EIB Funds $150m for Egypt’s Obelisk Solar Farm

The global development arm of the European Investment Bank (EIB) has announced a $150m loan to finance the Obelisk solar photovoltaic project in Qena, southern Egypt.

The announcement coincided with the inauguration of the project’s first phase in Qena Governorate, attended by Egypt’s Prime Minister, Mostafa Madbouly, senior government officials, EIB Global executives, European Union representatives and Scatec, the project developer.

The Obelisk project comprises a 1.1 GWp solar photovoltaic plant integrated with a 100 MW/200 MWh battery energy storage system. Electricity generated by the facility will be sold to the Egyptian Electricity Transmission Company under a long-term power purchase agreement, supporting a more resilient, diversified and sustainable national power system.

The project is being co-financed by the African Development Bank and supported under a Team Europe approach involving the European Bank for Reconstruction and Development (EBRD) and British International Investment (BII). Additional backing includes grants, concessional financing and an EU NDICI guarantee, underscoring Europe’s long-term partnership with Egypt’s green energy transition.

EIB Vice-President Gelsomina Vigliotti said the financing would accelerate Egypt’s clean energy ambitions while strengthening energy security and economic resilience, adding that the project aligns with the EU’s Global Gateway and the EU–Egypt Strategic Partnership.

Scatec CEO Terje Pilskog welcomed the EIB’s participation. He said, “Scatec is very pleased to welcome the European Investment Bank as a partner in the Obelisk project. Their support is instrumental in driving forward this landmark initiative, and we are proud to be working together to strengthen Egypt’s renewable energy future."

EIB Global Director General Andrew McDowell said the project demonstrated how long-term financing and strong partnerships could translate climate commitments into large-scale infrastructure delivering clean electricity and supporting local capacity building.

The Obelisk project supports Egypt’s goal of generating 42% of its electricity from renewable sources by 2030 and aligns with EU priorities under REPowerEU.