The ceremony was attended by a high-level delegation, including General Engineer Kamel Al-Wazir, Deputy Prime Minister for Industrial Development, and the ministers of Electricity, Planning, Local Development, Public Business Sector, and Petroleum. International dignitaries included the Ambassadors of Norway and the European Union, alongside senior executives from Scatec and leadership from the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and the African Development Bank (AfDB).
The Obelisk project boasts a total planned capacity of 1,000
MW. The newly inaugurated first phase delivers 500 MW of solar energy,
integrated with 200 MWh of Battery Energy Storage Systems (BESS). This hybrid
approach—the first of its kind in Egypt—is designed to stabilize the national
grid and reduce reliance on natural gas during peak consumption hours.
Dr. Madbouly emphasized that the project is a cornerstone of
the Ministry of Electricity’s emergency plan and the "NWFE" program,
which aims to increase renewable energy’s share in Egypt’s energy mix to 42% by
2030.
The project achieved a global benchmark for speed, with the
first phase completed in just 13 months following the signing of the Power
Purchase Agreement (PPA).
Key figures at a glance:
Total Investment: Approximately $600 million in foreign
direct investment.
Land Area: Spans over 20 square kilometers.
Job Creation: Generated 5,000 jobs for the residents of Qena
and Upper Egypt.
Residential Impact: Capable of powering 1.6 million homes.
Environmental Benefit: Set to reduce carbon emissions by 1.4
million tons annually.
Dr. Rania Al-Mashat, Minister of Planning and International
Cooperation, highlighted the robust international backing for the project. The
$600 million investment was mobilized through partnerships with the EIB ($150M),
the AfDB ($160M), and the EBRD ($100M), among other institutions. She noted
that such large-scale international funding serves as a "vote of
confidence" from global markets in Egypt's economic future.
Terje Pilskog, CEO of Scatec, and Mohamed Amer, Scatec’s EVP
for Egypt and the Middle East, praised the Egyptian government’s cooperation in
fast-tracking the project. They confirmed that Phase II (an additional 500 MW)
is scheduled for inauguration in May 2026, ensuring additional capacity is
online ahead of the summer peak season.
Over its 25-year operational lifespan, the Obelisk project is projected to save approximately 513 million thermal units of natural gas, delivering an estimated economic value of $5.1 billion.