British International Investment (BII), the UK’s development finance institution and impact investor, the African Development Bank (AfDB) and European Bank for Reconstruction and Development (EBRD) are providing a total of US$ 479.1 million to Obelisk Solar Power SAE, a special-purpose vehicle incorporated in and owned by Scatec ASA. This financing will support the development of a 1.1 GW solar photovoltaic (PV) power plant integrated with a 200 MWh battery energy storage system (BESS) in the country’s Nagaa Hammadi region. The AfDB’s financing package of $184.1 million includes $125.5 million of ordinary resources, as well as concessional funding from AfDB-managed special funds the Sustainable Energy Fund for Africa worth $20 million, and $18.6 million from the Canada-African Development Bank Climate Fund, a partnership between the AfDB and the government of Canada. A further US$ 20 million will be channelled from the CIF’s Clean Technology Fund through the AfDB. The EBRD will provide a financing package of up to $173.5 million, of which $101.9 million will benefit from a European Fund for Sustainable Development (EFSD+) first-loss cover guarantee for the first 18 years, in addition to a $6.5 million grant from the EBRD Shareholder Special Fund. BII financing includes a $100 million concessional loan and a $15 million returnable grant that helps lower the overall cost of the BESS part of the project, making it more financially viable and affordable, while attracting private sector participation and creating models for future investments. BII’s financing is subject to drawdown conditions. The project’s blended financing of $479.1 million corresponds to approximately 80 per cent of the total estimated capital expenditure of $590 million. The integrated power plant will be developed by Scatec, a leading renewable energy solutions provider, and built in two phases. The first phase, with 561 MW of solar and 100 MW/200 MWh of battery storage, aims to start operations in the first half of 2026. The second phase, with 564 MW of solar, aims to start operations in the second half of 2026. The energy will be sold under a US dollar-denominated 25-year power purchase agreement with the Egyptian Electricity Transmission Company, backed by a sovereign guarantee. On completion, it will be the first integrated solar photovoltaic and battery storage project of this scale in Egypt, and a significant milestone in the country’s energy transition. Egypt aims to reach 42 per cent of renewables in its power mix by 2030. The solar power plant is expected to generate approximately 3,000 GWh per year of additional renewable power, which will enhance grid stability and manage peak demand. It will also reduce carbon dioxide emissions by up to 1.4 million metric tonnes annually. The facility will support the diversification of Egypt’s energy mix and increase the share of renewable energy, which will contribute to reducing greenhouse gas emissions and advancing the