AMEA Power and Japan's Kyuden International Corporation have partnered with the International Finance Corporation (IFC) and additional collaborators to develop a major solar battery storage project in the Aswan Governorate, Egypt. The project comprises a 1GW solar photovoltaic plant combined with a 600 MWh battery energy storage system, valued at over USD 700 million.

The facility aims to bolster Egypt's energy security and strengthen the resilience of its power system. Upon completion, it is set to become Africa's largest single-asset renewable energy and battery storage development, with joint ownership between AMEA Power (60%) and Kyuden (40%). Commercial operation is targeted for June 2026.

Project Financing and Structure

Financing for the Egypt solar-plus-battery storage project includes a senior debt package of approximately USD 570 million, arranged by the IFC. The funding comprises IFC's own account and resources mobilized from international partners, including Cassa Depositi e Prestiti, FMO, DEG, British International Investment, the OPEC Fund for International Development, and Europe Arab Bank.

The financing structure is enhanced by concessional blended finance, including loans from the Clean Technology Fund and the MENA Private Sector Development Programme, both of which are backed by the Government of the Netherlands. IFC serves as the implementing entity for both facilities.

Employment and Economic Impact

The construction phase is projected to create more than 4,000 jobs, with local workers filling over 95% of the roles. AMEA Power began early construction activities before finalizing all project financing, acknowledging the project's strategic importance.

AMEA Power chair Hussain Al Nowais stated: “This project reflects AMEA Power's ability to move with speed and scale. Given the strategic importance of this renewable energy project for Egypt's energy system, we initiated construction at the earliest opportunity, advancing delivery even before project finance was finalized. As the largest solar and battery storage project developed in Africa,

it marks a defining step in Egypt's clean energy journey and delivers meaningful benefits to the country, enhancing energy security, supporting local employment, and strengthening the foundations for long-term national development.”

Environmental and Energy Production Benefits

Once operational, the project is expected to generate over 3 million megawatt-hours of renewable electricity each year, sufficient to power around 500,000 households. The facility is also expected to reduce carbon dioxide (CO2) emissions by 1.6 million tonnes annually.

Partnership Background and Future Outlook

This initiative builds on the established partnership between AMEA Power and IFC in North Africa, following the commissioning of the 500MW solar plant in Aswan and the 500MW wind facility in Ras Ghareb. The project represents Kyuden's first investment in Egypt.

Kyuden chief executive officer Takashi Mitsuyoshi commented: “We are honored to be part of this landmark project in Egypt and to collaborate with IFC and AMEA Power. Together, we are committed to delivering this project successfully. We believe it will contribute significantly to Egypt's clean and sustainable development and accelerate the transition to renewable energy.”

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