AfDB backs Africa's largest solar power plant in Egypt with $184.1mln package
Arab Finance: The African Development Bank Group (AfDB) has approved a $184.1 million financing package to support the development of the Obelisk 1-gigawatt solar photovoltaic project and 200-megawatt-hour battery energy storage system in Egypt, as per a statement.
Located in Qena, the project is expected to be Africa's largest solar power plant, with a total cost estimated at over $590 million.
It entails the design, construction, operation, and maintenance of a photovoltaic power plant with an integrated battery energy storage system.
The Egyptian Electricity Transmission Company (EETC) will be the sole off-taker under a 25-year Power Purchase Agreement.
The package includes $125.5 million of ordinary resources, as well as concessional funding from AfDB-managed Special Funds the Sustainable Energy Fund for Africa (SEFA) worth $20 million, and the Canada-African Development Bank Climate Fund ($18.6 million), a partnership of AfDB and the Government of Canada.
The Climate Investment Funds' Clean Technology Fund will finance a further sum of $20 million, along with an additional financing from a consortium of development finance institutions.
Under Egypt's Nexus of Water, Food, and Energy (NWFE) program, Obelisk has been granted a Golden License and is recognized as a strategic initiative that will contribute to addressing Egypt's energy constraints and advancing its energy transition.
Rania Al-Mashat, Egypt's Minister of Planning, Economic Development and International Cooperation, commented: 'The Obelisk solar project is another important milestone for Egypt under the energy pillar of the NWFE program which has since its launch in November 2022 at COP27 in Sharm El Sheikh delivered 4.2 GW of privately financed renewable energy investments, worth about $4 billion, with the support of partners such as the Africa Development Bank.'
'The goal of NWFE's energy pillar is to add 10 GW of renewable energy capacity with investments of approximately $10 billion, and phase out 5 GW of fossil fuel power generation by 2030,' Al-Mashat added.
The project is set to be fully operational by the third quarter of 2026 and is expected to generate an estimated 2,772 gigawatt-hours of clean, reliable, and affordable energy annually to the national grid.
It is projected to reduce annual carbon dioxide (CO2) emissions by approximately one million tons and create about 4,000 jobs during construction and 50 permanent jobs during operation, with a special focus on women and youth employment.
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