France’s EDF takes 20% in Egypt’s Obelisk solar project

France’s EDF Power Solutions has acquired a 20 percent stake in Egypt’s Obelisk solar power project.

The Obelisk hybrid project, combining a 1.1 gigawatt (GW) solar plant and a 100MW/200MWh battery storage system, is located in the city of Nagaa Hammadi, near Luxor.

The value of the stake was not given.

Norwegian renewable energy producer Scatec will own a 60 percent stake in the project, while Norfund, a Norwegian investment fund for developing countries, will hold the remaining 20 percent, EDF said in a statement.

The commissioning of Obelisk’s first phase is planned for the first half of 2026, while the second phase will be ready in the second half of the same year.

The project will provide electricity to the Egyptian grid through a 25-year power purchase agreement and support the country’s ambition to reach 42GW of renewable energy by 2030.

EDF operates the Benban solar power plant and is the largest shareholder of KarmSolar, a solar utility company, the statement said.

In May Scatec said construction had started on the $590 million Obelisk solar project.

In December 2024, Obelisk was granted a golden licence, which fast tracks the project.

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