African Development Bank funds Egypt’s 1 GW Obelisk solar plant in Egypt

A 1 GW solar and 200 MWh storage project in Qena, Egypt has secured $184.1 million loan from AfDB, SEFA, Canada-AfDB Fund, and Clean Technology Fund.

By Nandini Yelabaka 13 Jun 2025 in Market Bytes Business Bytes

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Obelisk 1 GW solar project in Qena has included a 200 MWh battery system to meet peak demand and stabilize evening supply. Image Credit/Source: AFDB

The African Development Bank has approved a $184.1 million financing for the 1 GW Obelisk solar project with a 200 MWh BESS in Qena, Egypt. The project is supported by concessional funds from SEFA, the Canada-AfDB Climate Fund, and the Clean Technology Fund. Developed under Egypt’s NWFE platform, it has received a Golden License and is expected to become Africa’s largest solar-plus-storage facility. The total project cost exceeds $590 million, with additional funding from other development finance institutions. Scheduled for completion by Q3 2026, Obelisk will generate around 2,772 GWh annually, cut 1 million tons of CO₂ emissions, and create 4,000 construction jobs. The Egyptian Electricity Transmission Company will serve as the sole off-taker under a 25-year PPA.

#AfDB #Egypt #HybridProject #ObeliskProject

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