The European Investment Bank, through its development arm EIB Global, has announced $150 million in financing for the Obelisk solar photovoltaic project in Egypt, coinciding with the inauguration of the first phase of the plant in Qena Governorate.
The inauguration ceremony was attended by Egyptian Prime Minister H.E. Dr Mostafa Madbouly, EIB Global Director General Andrew McDowell, Deputy Prime Minister for Industrial Development and Minister of Transport and Industry Eng. Kamel El Wazir, Minister of Planning Economic Development and International Cooperation H.E. Dr Rania A. Al Mashat, Minister of Electricity and Renewable Energy H.E. Dr Mahmoud Esmat, Governor of Qena H.E. Dr Khaled Abdel Halim, European Union Ambassador to Egypt Angelina Eichhorst, and Scatec CEO Terje Pilskog.
Developed by Scatec, the Obelisk project comprises a 1.1 GWp solar photovoltaic power plant integrated with a 100 MW 200 MWh battery energy storage system, making it the largest hybrid solar photovoltaic project on the African continent. Power 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 electricity system.
The project is co financed alongside the African Development Bank and, under a Team Europe approach, includes participation from the European Bank for Reconstruction and Development and British International Investment. Additional backing is provided through grants, concessional financing and an EU NDICI guarantee, underscoring Europe’s role as a long term partner in Egypt’s green energy transition.
EIB Vice President Gelsomina Vigliotti said the project demonstrates how European financing can accelerate Egypt’s clean energy ambitions while strengthening energy security and economic resilience. She added that the investment supports affordable and sustainable power generation while reinforcing cooperation under the EU Global Gateway and the EU Egypt Strategic Partnership.
Scatec CEO Terje Pilskog welcomed the EIB’s involvement, describing the bank’s support as instrumental in advancing the project and strengthening Egypt’s renewable energy future.
Andrew McDowell, Director General of EIB Global, said the project shows how national ambition combined with reliable financing and strong partnerships can translate climate commitments into tangible infrastructure. He noted that the project will deliver clean electricity, build local capacity and accelerate the energy transition.
EU Ambassador Angelina Eichhorst highlighted the Obelisk project as an example of cooperation that delivers clean and reliable energy, creates skilled jobs and advances climate action, with the European Union acting as a key partner.
The Obelisk solar project supports Egypt’s goal of achieving 42 percent renewable energy in electricity generation by 2030 and aligns with EU priorities under REPowerEU and the EU Egypt Partnership Priorities. It also reflects the EIB’s broader commitment to climate action, energy security and sustainable development across the Southern Neighbourhood.
Author: Bryan Groenendaal






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