The European Investment Bank (EIB), through its development arm EIB Global, has announced a $150 million financing package for Egypt’s Obelisk solar photovoltaic project, coinciding with the inauguration of the plant’s first phase in Qena.

The event was attended by Egyptian Prime Minister Mostafa Madbouly; EIB Global Director General Andrew McDowell; Deputy Prime Minister for Industrial Development and Minister of Transport and Industry Kamel Al-Wazir; Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat; Minister of Electricity and Renewable Energy Mahmoud Esmat; Qena Governor Khaled Abdel Halim; EU Ambassador to Egypt Angelina Eichhorst; and Scatec CEO Terje Pilskog.

The Obelisk project, developed by Scatec, features a 1.1 GWp solar photovoltaic plant combined with a 100 MW/200 MWh battery energy storage system, making it the largest hybrid solar PV project in Africa. Electricity generated will be sold to the Egyptian Electricity Transmission Company under a long-term power purchase agreement, contributing to a more resilient and diversified power system.

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