Egypt’s energy transition has entered a decisive execution phase, marked by the Obelisk solar photovoltaic project in Qena Governorate. Supported by US$150 million in financing from EIB Global and a coalition of European and multilateral partners, the project signals that grid-scale, bankable clean energy infrastructure is now being delivered at scale across North Africa.
The development is strategically significant. Egypt faces rising electricity demand driven by industrial expansion, urbanisation, and infrastructure growth, while global fuel price volatility continues to expose the risks of import dependence. Large-scale solar power is no longer framed as a climate gesture, but as a core pillar of energy security, affordability, and macroeconomic stability.
The early completion of Obelisk’s first phase also reflects a changing delivery model for clean infrastructure. Financing, risk allocation, and technical expertise are being coordinated through multi-partner structures. For investors and contractors, this approach offers a repeatable template for future solar, wind, grid, and storage projects across the region.
