In a significant stride toward sustainable development, Egypt has finalized the financial closure for the Obelisk Project—a transformative 1 gigawatt solar power plant featuring 200 megawatts of integrated battery storage. The initiative forms a key part of Egypt’s Nexus of Water, Food, and Energy (NWFE) program, which champions cross-sectoral sustainability through innovative, climate-resilient infrastructure.
The agreement was signed in Cairo by Scatec, a leading Norwegian renewable energy company, in partnership with major international and regional financial institutions including the National Bank of Egypt (NBE), the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), and British International Investment (BII).
Graced by the presence of Egypt’s Prime Minister Moustafa Madbouly and Minister of International Cooperation Dr. Rania Al-Mashat, the signing ceremony marked a new chapter in Egypt’s clean energy journey. The Obelisk Project is designed not only to accelerate the country’s transition to renewable energy but also to enhance grid stability through advanced energy storage systems.
This milestone agreement defines a robust investment framework, comprehensive risk-sharing mechanisms, and a multi-stakeholder collaboration model. By leveraging blended finance, the project unlocks both international and domestic capital—establishing a precedent for scalable green infrastructure projects in emerging economies.
As part of Egypt’s broader climate commitment, the Obelisk Project significantly contributes to the national target of generating 42% of electricity from renewable sources by 2030. It reflects the country’s strategic shift toward climate-smart growth and its role as a regional leader in the global energy transition.
GlobalIcons celebrates this partnership as a model for innovation, collaboration, and impact in the renewable energy sector—illustrating how visionary public-private alliances can reshape the future of sustainable development.
