Among the key agreements was the financial close of the Obelisk Solar Power Plant, a 1-gigawatt solar energy project that also includes 200 megawatt-hours of battery storage, with total investments amounting to $600 million.
The Egyptian government signed a series of major agreements with development partners and private sector entities during the Development Finance to Foster Private Sector-Led Growth & Jobs conference.
Among the key agreements was the financial closure of the Obelisk Solar Power Plant, a 1-gigawatt solar energy project that also includes 200 megawatt-hours of battery storage, with total investments amounting to $600 million.
The project is being developed by Norway’s Scatec and is part of the Ministry of Electricity’s emergency plan to add capacity to the national grid. It also falls under the energy pillar of Egypt’s NWFE program, which focuses on climate-aligned investments.
The conference also witnessed the signing of a Power Purchase Agreement for the Shadwan Wind Project, another renewable energy initiative developed by Scatec.
Located in Ras Shukeir in the Gulf of Suez, the project will generate 900 megawatts of wind energy and attract approximately $1 billion in direct foreign investment. This project also forms part of the NWFE program’s energy track.
Additionally, the International Finance Corporation (IFC) signed a financing agreement with UAE-based AMEA Power to support Egypt’s first utility-scale battery energy storage project, which is integrated into the Abydos Solar Power Project, another NWFE initiative.
The agreements also included a partnership between the Ministry of Planning, Economic Development, and International Cooperation and the Federation of Egyptian Banks, aimed at expanding access to development partner services through Hafiz—a platform providing both financial and technical support to the private sector.
Furthermore, an investment grant agreement worth €21 million was signed between the Ministry of Planning and the European Investment Bank (EIB) to support Egypt’s Sustainable Green Industries Project.
In another milestone, Minister of Planning, Rania Al-Mashat, signed an agreement with 12 representatives from chambers of commerce, business associations, and the Federation of Egyptian Industries to enhance private sector access to partner services through the Hafiz platform, further deepening technical and financial support channels for entrepreneurs and industrial players.
