Egypt has officially signed a financial closure agreement for the Obelisk project, a 1 gigawatt solar power facility with 200 megawatts of battery storage. The agreement is part of Egypt’s NWFE (Nexus of Water, Food, and Energy) strategy, which aims to integrate sustainable solutions across key sectors.
Scatec, a Norwegian renewable energy producer, inked the deal in Cairo, in collaboration with the National Bank of Egypt (NBE), the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), and British International Investment.
Egypt’s Prime Minister Moustafa Madbouly and Minister of International Cooperation Rania Al-Mashat attended the signing event. The Obelisk project helps Egypt switch to sustainable energy while improving grid stability with large-scale battery storage. It is in line with Egypt’s overall climate strategy to increase renewable energy capacity.
This financial agreement outlines the investment framework, risk-sharing strategies, and stakeholder participation. It also marks a significant step in mobilising both international and domestic funding through a blended finance strategy. The project, which is supported by leading global financial institutions, is expected to considerably advance Egypt’s goal of generating 42% of its electricity from renewable sources by 2030.
