Madbouly inaugurates 1st phase of Africa’s largest solar project in Qena

Updated 1/12/2026 3:50:00 PM

Arab Finance: Prime Minister Mostafa Madbouly inaugurated the first phase of the Obelisk solar project, the largest renewable energy project in Africa, in Nagaa Hamadi, Qena Governorate, according to a statement.

Scheduled for completion this year, the project extends over 20 square kilometers and has a total investment estimated at around $600 million.

The project is co-financed by the European Investment Bank (EIB) with $150 million, the African Development Bank (AfDB) with $160 million, and the European Bank for Reconstruction and Development (EBRD) with $100 million, in addition to other financing institutions.

Developed and constructed by the Norwegian company Scatec, it is expected to hold a combined capacity of 1 gigawatt of solar power.

The facility has a capacity of 500 megawatts (MW), in addition to 200 megawatt-hours (MWh) of battery energy storage.

It comes within the framework of the Nexus of Water, Food, and Energy (NWFE) program, supporting the country’s efforts to increase the contribution of renewable energy to 42% of the energy mix by 2030 and to promote reliance on clean and sustainable energy sources.

The first phase has been completed within 13 months of the signing of the power purchase agreement (PPA), with the second phase to open in May with a capacity of 500 megawatts.

The construction work offered around 5,000 job opportunities for the residents of Naga Hammadi and Qena Governorate, in line with the state's directives to maximize development investments in Upper Egypt.

The project contributes to providing electricity to about 1.6 million homes nationwide and achieves cumulative savings in natural gas consumption estimated at 513 million thermal units for 25 years, equivalent to an economic value of approximately $5.1 billion.