AfDB Funds Egypt’s Obelisk Solar

Key Figures & Findings: The African Development Bank (AfDB) has approved $184.1 million in blended finance to support the Obelisk solar project in Egypt’s Qena Governorate, poised to become Africa’s largest solar power plant. Developed under Egypt’s Nexus of Water, Food, and Energy (NWFE) program, Obelisk will comprise a 1 GW solar photovoltaic facility and a 200 MWh battery storage system, reinforcing national grid stability and clean energy supply. The plant, awarded a strategic “Golden License,” will be constructed under a 25-year Power Purchase Agreement with the Egyptian Electricity Transmission Company (EETC) as sole off-taker. The financing mix includes contributions from SEFA, Canada-AfDB Climate Fund, and the Clean Technology Fund, with additional backing from other development finance institutions.

Statistics & Insights: The $590 million project is projected to deliver 2,772 GWh of clean power annually and generate approximately 4,000 construction jobs and 50 permanent roles.

Future Implications: Once operational in Q3 2026, the project could displace fossil-based electricity and provide stable, grid-scale storagepositioning Egypt as a regional benchmark in solar-plus-storage development. Its success may also catalyze further blended finance structures across North Africa, particularly under AfDB’s broader climate resilience agenda.

Source: SolarQuarter