With EIB backing, Egypt announces getting Africa’s biggest solar-battery plant

Egypt has announced getting Africa’s largest hybrid solar project, a support of $150 million by the European Investment Bank (EIB). 

The Obelisk plant, currently at its first phase in the country's Qena Governorate as made known on 12 January, includes a massive 1.1 gigawatt solar farm with a 100-megawatt battery system, making it the largest solar PV project of its kind on the continent. 

Egyptian prime minister Mostafa Madbouly, EIB global director Andrew McDowell and other top government officials attended the inauguration ceremony of the project. 

The electricity generated from the setup will be sold to the Egyptian Electricity Transmission Company under a lengthened power purchase agreement, adding to a more diversified and sustainable power system.

Scatec is building the project with financial assistance rolling in from the African Development Bank, the European Bank for Reconstruction and Development, and British International Investment, signaling European readiness to shift Egypt into clean energy. 

Terje Pilskog, Scatec chief executive officer, stated the EIB’s support is critical for getting the project done. According to him, “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.” 

Commenting, EIB vice-president Gelsomina Vigliotti, said: “This landmark project demonstrates how strategic European financing can accelerate Egypt’s clean energy ambitions while strengthening energy security and economic resilience,” 

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. Additionally, it reflects the EIB’s strong commitment to advancing climate action, energy security and sustainable development across the Southern Neighbourhood.