AMEA Power, in partnership with Kyuden International Corporation of Japan, has joined hands with the International Finance Corporation (IFC) and a consortium of international lenders to develop a large-scale solar photovoltaic (PV) and battery energy storage project in Egypt, aimed at strengthening the country’s energy security and grid resilience.
The project, with a total investment exceeding USD 700 million, will comprise a 1,000 MW solar PV plant coupled with a 600 MWh battery energy storage system (BESS) in Egypt’s Aswan Governorate. Once commissioned, it is set to become Africa’s largest single-asset renewable energy facility integrated with battery storage. The project is jointly owned by AMEA Power, holding a 60% stake, and Kyuden International Corporation, which owns the remaining 40%. Commercial operations are targeted for June 2026.
AMEA Power has already commenced early construction works ahead of the full financial close, underlining the project’s strategic importance in supporting Egypt’s rising electricity demand with clean and reliable energy solutions.
The project is being financed through an approximately USD 570 million senior debt package led by IFC, including funding from its own account and capital mobilised from international partners such as Cassa Depositi e Prestiti (CDP), FMO, DEG, British International Investment (BII), the OPEC Fund for International Development, and Europe Arab Bank (EAB). Additional concessional blended finance is being provided through loans from the Clean Technology Fund (CTF) and the MENA Private Sector Development Program, supported by the Government of the Netherlands, with IFC acting as the implementing entity.
On completion, the project is expected to generate more than 3 million MWh of clean electricity annually, sufficient to power over 500,000 households, while avoiding approximately 1.6 million tonnes of carbon dioxide emissions each year. Construction activities are projected to create more than 4,000 jobs, with the majority filled by local workers, contributing to skills development and economic growth in the region.
The initiative builds on AMEA Power’s ongoing collaboration with IFC across North Africa, following the commissioning of major solar and wind projects in Egypt, as well as landmark renewable energy developments in Tunisia. The project also marks Kyuden International Corporation’s first investment in Egypt, further strengthening international participation in the country’s clean energy transition.
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