{"id":666700,"date":"2025-06-12T00:00:00","date_gmt":"2025-06-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/06\/12\/afdb-commits-usd-184-mn-to-obelisk-solar-and-battery-project\/"},"modified":"2025-06-12T00:00:00","modified_gmt":"2025-06-12T00:00:00","slug":"afdb-commits-usd-184-mn-to-obelisk-solar-and-battery-project","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/06\/12\/afdb-commits-usd-184-mn-to-obelisk-solar-and-battery-project\/","title":{"rendered":"AfDB commits USD 184 mn to Obelisk solar and battery project"},"content":{"rendered":"

The African Development Bank (AfDB) is putting its financial weight behind <\/strong>Africa\u2019s largest under-construction solar power plant<\/strong>, through a USD 184.1 mn financing package approved by the development bank\u2019s board that will go towards the Obelisk 1.1 GW solar and 200 MWh battery storage project in Nagaa Hammadi, the development bank said in a statement<\/a>.<\/p>\n

The recently approved funding will account for nearly a third of the project\u2019s entire <\/strong>investment cost<\/strong>, estimated to total some USD 590 mn. Alongside the AfDB, Scatec signed equity bridge loans worth USD 120 mn for the project and put off project equity injections until construction is done. The Arab Energy Fund will also provide USD 90 mn, while the European Bank for Reconstruction and Development will provide another USD 30 mn.<\/p>\n

REMEMBER-<\/strong> The first phase will bring 561 MW of solar energy and \/200 MWh of battery storage online in the first half of 2026 and the second phase will add another 564 MW of solar power in the second half of 2026. Scatec will also handle engineering, procurement and construction, asset management, and operations & maintenance and has signed a USD-denominated, 25-year Power Purchase Agreement with the Egyptian Electricity Transmission Company.<\/p>\n

Canada also contributed USD 18.6 mn to the total amount via the Canada-AfDB Climate <\/strong>Fund<\/strong>, which Canadian Ambassador to Egypt Ulric Shannon said it was proud to do, describing the project as \u201ca meaningful step toward enhancing energy security and stability, with direct benefits for the Egyptian people.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The recently approved funding will account for nearly a third of the project\u2019s entire investment cost<\/p>\n","protected":false},"author":1,"featured_media":666701,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7207],"tags":[1376,7106,93,72,151,573],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-666700","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-african-development-bank","tag-debt","tag-energy","tag-enterpriseam","tag-renewables","tag-scatec","wpautop","entry"],"acf":{"mongo_id":"eaeb8346-5145-46cd-9d1f-d61f6afbdffd","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/2\/1263.jpg","photo_position":"above","homepage_title":"","full_issue_title":"AfDB commits USD 184 mn to Egypt\u2019s Obelisk solar and battery project","related_issue":[666684],"teaser":"The recently approved funding will account for nearly a third of the project\u2019s entire investment cost","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/6\/.7ef49157-b00d-4474-94b6-24540b804b26.mp3"},"yoast_head":"\nAfDB commits USD 184 mn to Obelisk solar and battery project - 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The lender will contribute USD\u2026","rel":"","context":"In "Green economy"","block_context":{"text":"Green economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/green-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/323.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":666876,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/06\/16\/scatecs-usd-600-mn-obelisk-solar-project-reaches-financial-close\/","url_meta":{"origin":666700,"position":2},"title":"Scatec\u2019s USD 600 mn Obelisk solar project reaches financial close","author":"enterpriseam admin","date":"16 June 2025","format":false,"excerpt":"The project in Nagaa Hammadi holds the mantle of being Africa\u2019s largest under-construction solar power plant","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/3\/1178.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546122,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/28\/scatec-to-issue-green-bonds-worth-usd-335-mn\/","url_meta":{"origin":666700,"position":3},"title":"Scatec to issue green bonds worth USD 335 mn","author":"enterpriseam admin","date":"28 April 2022","format":false,"excerpt":"Norway\u2019s Scatec will issue USD 335 mn worth of green bonds to refinance its six solar plants in Benban, according to two separate cabinet statements (here and here). An agreement was signed to allow Scatec to go ahead with the plan during a meeting between Prime Minister Mostafa Madbouly, Scatec\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/393.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595427,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/25\/afdb-looks-to-increase-funding-to-egypt-for-solar-projects\/","url_meta":{"origin":666700,"position":4},"title":"AfDB looks to increase funding to Egypt for solar projects","author":"enterpriseam admin","date":"25 September 2019","format":false,"excerpt":"The African Development Bank (AfDB) could increase funding to Egypt for solar projects as part of an initiative to develop the Sahara\u2019s solar generation capacity, the local press reported. Bank VP Wale Shonibare said that Egypt had an important role to play in the project, which aims to see the\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":640930,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/09\/07\/afdb-approves-usd-55-mn-loan-for-three-fit-projects\/","url_meta":{"origin":666700,"position":5},"title":"AfDB approves USD 55 mn loan for three FiT projects","author":"enterpriseam admin","date":"7 September 2017","format":false,"excerpt":"The African Development Bank\u2019s (AfDB) board of directors approved on Tuesday three loans totaling USD 55 mn to fund three 50 MW solar power projects in Benban, Aswan, under phase two of the feed-in tariff program, the bank announced in a statement. 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