The global development arm of the European Investment Bank (EIB) has announced a $150m loan to finance the Obelisk solar photovoltaic project in Qena, southern Egypt.
The development will consist of a 1.1 GWp solar farm combined with a 100 MW/200 MWh battery energy storage system, which is being built by Norwegian energy company Scatec.
Electricity generated on site will be sold to the Egyptian Electricity Transmission Company under a long-term power purchase agreement.
When operational it will be Africa’s largest hybrid solar photovoltaic project.
The project is co-financed with the African Development Bank, with additional support from the European Bank for Reconstruction and Development, British International Investment, plus grants and concessional financing.
Angelina Eichhorst, EU Ambassador, said: “The Obelisk photovoltaic solar project is a shining example of how our Egyptian partners deliver clean, reliable energy, create skilled jobs, and advance climate action with the EU as a strong partner.”
The Obelisk solar farm will support Egypt’s target of generating 42% of renewable energy by 2030.
