Egypt signs financial closure for 1 GW solar, battery storage project with Scatec, NBE, EBRD, IFC

Egypt on Sunday signed a financial closure agreement for the Obelisk project, a 1-gigawatt solar power plant with 200 megawatts of battery storage, under the country’s NWFE (Nexus of Water, Food and Energy) initiative.

The signing took place in Cairo between Norwegian renewable energy developer Scatec, the National Bank of Egypt (NBE), the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), and the British International Investment. The agreement was signed in the presence of Prime Minister Moustafa Madbouly and Minister of International Cooperation Rania Al-Mashat.

The project aims to support Egypt’s clean energy transition while strengthening grid resilience through integrated battery storage. It falls under the NWFE energy pillar, which targets mobilisation of climate finance through public-private partnerships and blended finance instruments.

The financial disclosure outlines the investment structure, risk mitigation mechanisms, and stakeholder roles. Backed by international lenders and local banks, the project is expected to accelerate Egypt’s goal of sourcing 42 per cent of its power from renewables by 2030.

Launched in 2022, the NWFE platform is Egypt’s flagship initiative to attract climate-aligned financing for high-impact infrastructure projects across the water, food, and energy sectors.

Attribution: Amwal AL Ghad English
Subediting: M. S. Salama