Nagaa hammadi: Prime Minister Mostafa Madbouli inaugurated the first phase of the Obelisk PV Power Plant in Nagaa Hammadi, Qena Governorate, with a capacity of 500 megawatts and 200 megawatt-hours of battery storage systems. The project, developed by the Norwegian company Scatec, is part of a larger initiative with a total capacity of 1,000 megawatts of solar power.
According to State Information Service Egypt, the inauguration saw the presence of several key government officials, including Kamel Wazir, Deputy Prime Minister for Industrial Development, as well as ministers responsible for industry, transport, planning, and renewable energy. The event was also attended by ambassadors from Norway and the European Union, alongside representatives from international banks financing the project, including the European Bank for Reconstruction and Development (EBRD).
The Obelisk PV Power Plant is a strategic component of Egypt's energy initiative, aiming to increase the contribution of renewable energy to 42% of the energy mix by 2030. The project was completed in a record time of 13 months from the signing of the power purchase agreement. It generated approximately 5,000 job opportunities for locals, aligning with the state's policy to boost developmental investments in Upper Egypt.
During the event, Terje Pilskog, CEO of Scatec, expressed his satisfaction with the project's progress, highlighting its status as the largest renewable energy project in Africa. Mahmoud Esmat, Minister of Electricity and Renewable Energy, emphasized the project's role in the successful implementation of economic reform and investment in the private sector, noting its rapid execution and technical excellence.
Minister Rania Mashat outlined the project's financing, which exceeds $600 million, involving contributions from the European Investment Bank, the African Development Bank, and the European Bank for Reconstruction and Development. She emphasized the project as a sign of confidence in Egypt's economic future and the encouragement of private investments.
The Obelisk project, spanning over 20 square kilometers, will provide electricity to about 1.6 million homes across the country and save approximately 513 million thermal units of natural gas over its operational life. Prime Minister Madbouly unveiled the plaque marking the opening of the first phase and toured the facilities, including the solar panels and energy storage battery area.
Mohamed Amer, Vice President of Scatec for Egypt and the Middle East, confirmed the project's contribution to reducing natural gas consumption and carbon emissions and its role in providing renewable energy to 1.65 million families annually. The second phase, with a capacity of 500 megawatts, is expected to be completed by May, employing 5,000 Egyptian workers and enhancing Egypt's renewable energy capabilities.