The African Development Bank (AfDB) has approved a US$184m financing package to support the development of Egypt’s largest solar PV project, namely the 1 GW Obelisk solar project, located in Egypt’s Qena Governorate. The project will also feature a 200 MWh battery energy storage system (BESS) and is expected to be fully operational by the third quarter of 2026, generating an estimated 2.8 TWh/year of electricity.
The total investment for the project is estimated at over US$590m. The financing package includes US$125.5m from AfDB’s ordinary resources, in addition to concessional funding of US$20m from the Sustainable Energy Fund for Africa (SEFA) and US$18.6m from the Canada-African Development Bank Climate Fund. In May 2025, the European Bank for Reconstruction and Development (EBRD) had granted a US$30m equity bridge loan for the project.
As of end-2024, solar represented about 3% of Egypt’s installed capacity with nearly 2 GW and 2% of its power mix.
Interested in Power Plants?
Enerdata has developed a market research service to screen, monitor and analyse the development of power generation assets.
Power Plant Tracker offers an interactive database and a powerful search engine covering power plants worldwide – including both installed and planned capacities for renewables and fossil fuels.