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AfDB Approves $184M for Egypt's 1 GW Solar Project

6/16/2025

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Summary

Story summary

The African Development Bank has greenlit a substantial US$184 million financing package for Egypt's ambitious 1 GW Obelisk solar project in Qena Governorate. This groundbreaking initiative, featuring a 200 MWh battery storage system, is set to produce an impressive 2.8 TWh of energy annually by Q3 2026, with total investments surpassing US$590 million from multiple sources.

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Story summary

The African Development Bank has greenlit a substantial US$184 million financing package for Egypt's ambitious 1 GW Obelisk solar project in Qena Governorate. This groundbreaking initiative, featuring a 200 MWh battery storage system, is set to produce an impressive 2.8 TWh of energy annually by Q3 2026, with total investments surpassing US$590 million from multiple sources.