The European Investment Bank (EIB) is putting $150 million into Africa’s largest hybrid solar project. The Obelisk plant in Egypt’s Qena Governorate combines a massive 1.1 gigawatt solar farm with a 100-megawatt battery system, making it the biggest setup of its kind on the continent, EIB Global announced. Egyptian Prime Minister Mostafa Madbouly and other officials showed up for the inauguration of the first phase, which will pump electricity into Egypt’s national grid.
Scatec is building the project with help from several European lenders—the African Development Bank, the European Bank for Reconstruction and Development, and British International Investment. The EU also kicked in grants and financing guarantees. All this coordination shows how serious Europe is about backing Egypt’s shift to clean energy.
The battery storage makes this project stand out. It’s Egypt’s first big solar plant that can store power and keep delivering electricity after sunset.
“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.
Scatec CEO Terje Pilskog said the EIB’s support is critical for getting the project done. Andrew McDowell from EIB Global pointed out that the plant proves what happens when a country’s ambitions line up with solid long-term financing. The project will help build local skills and push Egypt’s energy transition forward faster.
Egypt wants to get 42 percent of its electricity from renewables by 2030, and Obelisk helps make that real. It also fits with EU priorities under REPowerEU and the EU-Egypt Strategic Partnership. EU Ambassador Angelina Eichhorst called it proof that clean energy projects can create good jobs and tackle climate change while making life better for Egyptians.
