Egypt Secures USD 1.6 Billion in Clean Energy Deals at Development Finance Conference

Egypt sealed six major agreements with international development partners and private players at the 'Development Finance to Foster Private Sector-Led Growth and Jobs' conference, signaling a strong push for clean energy and economic resilience.

One of the key deals was the financial closure of the 1 GW Obelisk Solar Power Plant, led by Norwegian firm Scatec. With an investment of USD 600 million, the project includes a 200 MWh battery storage system and is part of Egypt’s emergency energy expansion under the Nexus of Water, Food, and Energy (NWFE) program.

Scatec also signed a Power Purchase Agreement for the Shadwan Wind Project, a 900 MW wind power initiative in Ras Shukeir, Gulf of Suez. The project is expected to bring in USD 1 billion in foreign investment, further advancing Egypt’s renewable energy ambitions.

In another significant milestone, the International Finance Corporation (IFC) teamed up with UAE’s AMEA Power to finance Egypt’s first utility-scale battery energy storage facility, which will be integrated into the Abydos Solar Project, also under NWFE.

Beyond energy, the event spotlighted private sector development. The Ministry of Planning and Economic Development signed an MoU with the Federation of Egyptian Banks to expand financial and technical services through the Hafiz platform, aimed at supporting small businesses.

A EUR 21 million grant agreement was also inked with the European Investment Bank (EIB) to support the Sustainable Green Industries Project, aimed at driving industrial decarbonization.

Minister Rania Al-Mashat also signed a cooperation agreement with 12 national business groups, including chambers of commerce and industry federations, to deepen engagement with Hafiz and scale support for Egyptian entrepreneurs and industrialists.