EBRD Supports Egypt’s First Hybrid Solar Plant

Key Figures & Findings: The European Bank for Reconstruction and Development (EBRD) has approved a $30 million equity bridge loan for Obelisk Solar Power, a special purpose vehicle owned by Norwegian renewables developer Scatec ASA. The funding will support the development of a 1 GWac photovoltaic solar power plant paired with a 200 MWh battery energy storage system in Nagaa Hammadi, Upper Egypt. Positioned as Egypt’s first hybrid solar and storage project, the facility is a key component of the Nexus on Water, Food, and Energy (NWFE) platform, a national initiative launched at COP27 to strengthen Egypt’s position as a renewable energy hub. Scatec ASA, a longstanding EBRD partner, has a portfolio spanning solar, hydro, and wind projects across emerging markets.

Statistics & Insights: The hybrid project is expected to reduce carbon emissions by approximately 1.357 million tonnes annually. Egypt, a founding member of the EBRD, has attracted over €13.8 billion in investments across more than 200 projects since 2012.

Future Implications: If completed as scheduled, the Nagaa Hammadi hybrid facility could improve Egypt’s grid stability and serve as a scalable model for integrating renewable generation with storage by 2026. Broader adoption could strengthen Egypt’s role as a regional leader in clean energy transition efforts.

Source: Zawya