EDF power solutions has formally joined the Obelisk hybrid energy project in Egypt, acquiring a 20% stake in the project company.
The project, situated in the city of Nagaa Hammadi, near Luxor, is a large-scale facility combining a 1.1GW solar plant with a 100MW/200MWh battery storage system.
The French firm finalised a shareholder agreement with the existing partners: Scatec, a renewable energy solutions provider that holds 60%, and Norfund, the Norwegian investment fund for developing countries, which owns 20%.
Obelisk is set to supply competitive electricity to the Egyptian grid via a 25-year Power Purchase Agreement (PPA). The project’s commissioning is planned in two phases: phase 1 is scheduled for the first half of 2026, with phase 2 following in the second half of the same year.
This initiative supports Egypt’s national objective to achieve 42GW of renewable energy capacity by 2030.
This transaction represents a further step in EDF power solutions’ development strategy within the country. The company already operates two plots in the Benban solar power plant and is the largest shareholder of KarmSolar, a leading solar utility company.
EDF power solutions is committed to supporting Egypt’s energy transition through renewables, storage, and low-carbon electricity production assets.
Commenting on the development, Bénédicte Regnier, EDF power solutions Executive VP Africa, stated: “EDF power solutions is thrilled to announce this partnership with Scatec and Norfund in Egypt.
After its investment in Benban and in KarmSolar, and alongside with promising development in green hydrogen, EDF power solutions investment into the Obelisk project is another demonstration of its long-standing relationship with Egypt.”
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