African Development Bank backs Egypt solar scheme
13 June 2025
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The African Development Bank Group (AfDB) has approved a financing package worth up to $184.1m to support the development of the Obelisk solar photovoltaic (PV) project in Egypt’s Qena Governorate.
The power project is the largest solar power plant in Africa and comprises a 1GW solar plant, along with a 200 megawatt-hour (MWh) battery energy storage system.
The total estimated investment in the project will be more than $590m.
The financing package includes $125.5m from AfDB’s ordinary resources, in addition to concessional funding of $20m from the Sustainable Energy Fund for Africa and $18.6m from the Canada-African Development Bank Climate Fund.
An additional $20m is provided by the Clean Technology Fund under Climate Investment Funds, complemented by further investments from development finance institutions.
The Obelisk project will encompass design, construction, operation and maintenance of a PV facility.
The project has been granted a Golden Licence through Egypt’s Nexus of Water, Food and Energy (NWFE) platform due to its importance in addressing energy shortages and advancing the country’s energy transition efforts.
Egypt’s Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat stated: “The Obelisk solar project is another important milestone for Egypt under the energy pillar of the NWFE programme, which has, since its launch in November 2022 at Cop27 in Sharm El-Sheikh, delivered 4.2GW of privately financed renewable energy investments, worth about $4bn, with the support of partners such as the Africa Development Bank.
“The goal of NWFE’s energy pillar is to add 10GW of renewable energy capacity with investments of approximately $10bn and phase out 5GW of fossil fuel power generation by 2030.”
The Obelisk project will be fully operational in Q3 2026 and is expected to produce 2,772GW of electricity annually. In early May, MEED reported that Norwegian renewable energy firm Scatec had commenced construction on the first phase of its 1.1GW Obelisk solar and 100MW/200MWh battery energy storage project.
It is expected to reduce CO₂ emissions by around 1 million tonnes each year and create 4,000 jobs during the construction phase, with 50 permanent anticipated positions once operational.
Egyptian Electricity Transmission Company will purchase all generated power from the project under a 25-year agreement.
African Development Bank power, energy, climate and green growth vice-president Kevin Kariuki stated: “Obelisk is another landmark development under NWFE that leverages on Egypt’s and the African Development Bank’s leadership as well as commitment to harnessing the country’s renewable energy to enhance the resilience of the country’s energy supply to meet its fast-growing energy demand sustainably.
“This project also contributes to Egypt’s ambition of producing 42% of its power generation capacity from renewable energy sources by 2030 while spurring economic growth and reducing greenhouse gas emissions.”
In January 2025, the Mission 300 programme, an initiative launched by the World Bank and the AfDB, secured $8bn in funding pledges.
The programme aims to supply electricity to 300 million people across Africa by 2030.
READ THE JUNE 2025 MEED BUSINESS REVIEW – click here to view PDF
Gulf accelerates AI and data centre strategy; Baghdad keeps up project spending, but fiscal clouds gather; Banking stocks rise despite lower global oil prices
Distributed to senior decision-makers in the region and around the world, the June 2025 edition of MEED Business Review includes:
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> AGENDA 1: Data centres churn investments
> AGENDA 2: Gulf seizes AI opportunities
> MEED TOP 100: Middle East stocks defy lower oil prices
> SAUDI ARABIA: Riyadh confirms capital expenditure cuts
> INTERVIEW: Mena crucial to Veolia’s growth plan
> GULF PROJECTS INDEX: Gulf projects index leaps 4.3%
> CONTRACT AWARDS: Region sees third month of weak awards activity
> ECONOMIC DATA: Data drives regional projects
> OPINION: Dealmaking trumps the Truman Doctrine
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Modon tenders Ras El-Hekma construction contracts
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Abu Dhabi-based developer Modon Holding has tendered several contracts as part of the first phase of development at Ras El-Hekma, a planned new city on Egypt’s Mediterranean coast.
MEED understands that the tenders were issued in January.
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Chinese firm wins Ceer automotive supplier park deal
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