A raft of development finance institutions are contributing financing worth US$479 million to a vast solar PV power and battery energy storage project in Egypt.

The 1.1 GW solar plant and integrated 200 MWh battery energy storage system is being built in Egypt’s Nagaa Hammadi region, according to Africa Business Communities.

The loan to the Obelisk Solar Power special-purpose vehicle, owned by renewables specialist Scatec, is derived from the AfDB, the European Bank for Reconstruction and Development and the UK’s British International Investment (BII).

The blended financing worth US$479.1 million makes up about 80% of the total estimated capex of US$590 million.

Sustainable Economics News reports that a first phase will deliver 561 MW solar and 200 MWh of battery storage by mid-2026, with a further 564 MW of solar added later in 2026.

‘The integration of battery storage with solar PV is a game-changer for Egypt’s energy sector, providing reliable and dispatchable renewable energy and reducing reliance on fossil fuels. It not only meets Egypt’s current energy needs but also sets a precedent for future dispatchable hybrid renewable energy projects in the region,’ says Iain Macaulay, director and head of project finance at BII.

24 June 2025
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