At a Glance
- IFC-led lenders commit $571.8 million to finance AMEA Power’s flagship Egypt renewable project.
- Abydos II combines 1,000MW solar capacity with 600MWh battery storage in Aswan.
- Project supports Egypt’s 42% renewables target while cutting emissions by 1.6 million tonnes annually.
AMEA Power has secured $571.8 million in IFC-led financing to develop a 1,000-megawatt solar power plant integrated with battery storage in Egypt, marking the largest combined solar-and-storage project ever built in Africa.
The Abu Dhabi–based renewable energy developer will use the funding to finance Abydos II in Aswan, southern Egypt.
IFC-led lenders back Abydos II project
The debt package is led by the International Finance Corporation, which is providing an $83.5 million senior loan and mobilising $465.2 million from partners including Italy’s CDP, FMO, DEG, British International Investment, the OPEC Fund and Europe Arab Bank.
Concessional funding from the Clean Technology Fund and the Netherlands-backed MENA Private Sector Development Program helped de-risk the project, reinforcing investor confidence in Egypt’s renewable energy market.
Project scale, emissions impact and jobs
Once operational, Abydos II is expected to generate more than 3 million megawatt-hours of electricity annually.
Its 600-megawatt-hour battery system will supply clean power during peak evening demand, reducing reliance on gas-fired generation.
The project is forecast to cut carbon emissions by nearly 1.6 million tonnes a year and support Egypt’s goal of raising renewables to 42 percent of its energy mix by 2030.
Construction is expected to create more than 4,000 jobs, the majority for Egyptians.
AMEA Power’s expanding footprint in Egypt
For AMEA Power, the financing builds on its growing footprint in Egypt following the development of its 500MW Abydos Solar and 500MW Amunet Wind projects.
The deal also marks Japan’s Kyuden International Corporation’s first investment in Egypt, underscoring rising international interest in the country’s clean energy transition.
For Egypt, Abydos II aligns with the government’s fast-track 4GW emergency renewable programme and the NWFE climate platform, accelerating a shift toward privately financed, large-scale clean power infrastructure.
