In a significant boost to Egypt’s renewable energy ambitions, the European Bank for Reconstruction and Development (EBRD) is providing a US$ 30 million equity bridge loan to Obelisk Solar Power, a project company owned by leading global renewable energy developer Scatec ASA.
The funding will support the development of a 1 GWac photovoltaic solar plant integrated with a 200 MWh battery energy storage system (BESS) in Nagaa Hammadi. Once operational, the hybrid solar-storage facility will be among the first of its kind in Egypt and is expected to pave the way for broader adoption of such technology across the country.
The project is part of the energy pillar of Egypt’s Nexus on Water, Food and Energy (NWFE) initiative, which was launched at COP27 in Sharm El Sheikh. Spearheaded by the EBRD, NWFE aims to position Egypt as a regional leader in renewable energy. The new solar plant is projected to reduce carbon dioxide emissions by approximately 1.36 million tonnes annually, contributing substantially to Egypt’s green transition and decarbonization goals.
Beyond environmental benefits, the project is designed to bolster the country’s electricity grid, ensuring greater stability and reliability amid surging energy demand.
Egypt, a founding member of the EBRD, has been a key focus country for the Bank since it began operations there in 2012. To date, the EBRD has invested over €13.8 billion in more than 200 projects across various sectors, including finance, agribusiness, manufacturing, infrastructure, water, wastewater services, and transport.
This latest investment reaffirms EBRD’s commitment to supporting Egypt’s sustainable development and green energy leadership in the region.
