AfDB injects $184m into Africa's largest solar project

June 12, 2025

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The AfDB has approved a financing package of $184.1 million for the development of Africa's largest solar power plant in Egypt. The Obelisk plant will have 1,000 MW of solar capacity and 200 MWh of battery energy storage. It is expected to be fully operational by the third quarter of 2026, with the Egyptian national utility company as the sole off-taker.

  • The project falls under Egypt’s Nexus of Water, Food, and Energy (NWFE) platform, launched in 2022, which plans to add 10,000 MW of renewable capacity by 2030. Since its inception, it has delivered 4,200 MW of privately led projects.

  • Egypt plans to have renewables account for about 42% of its electricity mix by 2030, up from the current 11%. Achieving this will demand a fourfold growth in renewable energy capacity.

  • Our take: Egypt's approach of using USD-denominated power purchase agreements serves as a confidence booster for investors… Read more (2 min)

Renewables pricing index up 0.21% in June

The Renewables Rising Price Index saw a 0.21% increase in June, cancelling last month's decline to now stand at 999, a figure just below where we started building the index in April. The monthly index reflects the combined average price changes for cash product prices and power costs in four major African economies: Kenya, Nigeria, Egypt and South Africa.

  • We track product prices by monitoring the cost of solar panels, inverters, lithium-ion batteries and solar home systems across the four countries. A rise in our index indicates increasing renewable energy costs. 

  • This latest uptick in the index was primarily driven by a 3.8% increase in solar home system prices in Egypt. Declining fuel prices across all four countries also impacted the overall attractiveness of renewables.

  • Our take: The general oversupply of oil in the global market will delay the energy transition as consumers use it as a short-term solution… Read more (2 min)

This week marks the third consecutive week that South African energy firms and recruitment agencies have dominated our list of opportunities. While solar energy positions continue to be prevalent, we've observed a notable increase in battery energy storage system roles. Scatec, Sun King and M-KOPA top the companies seeking new talent.

  • Utility-scale energy projects across Africa are driving significant demand for specialised high-voltage engineers. Scatec Solar Africa is actively recruiting for various HV engineers to support its expanding portfolio.

  • While South Africa remains a hub for utility-scale developments, East Africa's job market is largely dominated by Pay-As-You-Go (PAYG) solar-related positions.

  • Access the full list of jobs here… (2 min)

Nigeria’s Rural Electrification Agency CEO Abba Aliyu, second from left, at the Open Source in Energy Access Symposium event in Nairobi, Kenya

Events

🗓️ Participate in a webinar on carbon projects (Jul 2)

🗓️ Attend Zambia’s C&I Energy+Storage Summit (Aug 27)

🗓️ Be at the Sustainability and ESG Africa Conference (Oct 15)

Various 

⚡ Ethiopia opens call for grants for solar PV projects

🔋 GOGLA unveils strategy to power one billion people with clean energy

💡 SunPower's CEO talks about the end of the 30% Solar Investment Tax Credit 

Seen on LinkedIn 

Cornelia Röper, Advisor at AnyCharge, says, “The ocean, covering 70% of our planet, offers what solar and wind can’t: predictable, 24/7 baseload power.”