The International Finance Corporation (IFC) announced on Sunday a landmark investment to support the development of Egypts first utility-scale battery energy storage system (BESS), in partnership with AMEA Power and the Government of Egypt. The project aims to enhance grid resilience and support the countrys transition to clean energy.
The IFC is providing a $72m debt package to Abydos Solar Project Company, a subsidiary of AMEA Power, to finance the integration of a 300 MWh BESS with the recently operational 500 MWac Kom Ombo solar photovoltaic plant in Aswan Governorate. The solar plant, which began operations in November 2024, was also financed by IFC and international partners in 2022.
The battery system, currently in the commissioning phase, is expected to be fully operational by July 2025. Once online, it will deliver approximately 100,000 MWh of energy annually and reduce CO� emissions by nearly 20,000 tons each year. This milestone marks the first BESS to be developed under Egypts 4 GW Emergency Renewable Energy Programan initiative designed to meet increasing electricity demand through clean, cost-effective sources while reducing reliance on imported natural gas.
At AMEA Power, we are committed to transforming the energy landscape through innovation, speed, and local collaboration, said Hussain Al Nowais, Chairman of AMEA Power. Achieving financial close for Egypts first utility-scale BESSfollowing the successful launch of our 500 MW wind farm in the countryis a clear demonstration of our ability to deliver large-scale renewable energy projects. Were proud to support Egypts energy transition and grid reliability.
Makhtar Diop, Managing Director of IFC, emphasized the significance of the partnership: Meeting Egypts rising energy demandespecially during peak summer monthsrequires bold, forward-looking solutions. This project delivers sustainable infrastructure today while laying the foundation for a more resilient, cleaner energy future. It showcases how strategic partnerships and advanced technologies can accelerate energy transitions.
The BESS project aligns with Egypts climate platform, the Nexus of Water, Food, and Energy (NWFE), and the World Bank Groups Country Partnership Framework for Egypt (FY2327), which emphasizes job creation, human capital development, and resilience to environmental and economic shocks.
Since 2017, the World Bank Group and other development finance institutions (DFIs) have supported Egypts private sector in developing 2.1 GW of solar and 2.8 GW of wind capacity. These efforts are expected to account for over half of Egypts installed renewable energy capacity by 2027. IFC has played a key role in landmark initiatives such as the 1.4 GW feed-in-tariff (FiT) program at the Benban Solar Park, the 252 MW West Bakr Wind project, and AMEA Powers twin 500 MW Abydos Solar and Amunet Wind projects.
Since launching its operations in Egypt in 1975, IFC has invested and mobilized nearly $10bn in development projects and maintains an advisory portfolio valued at $25m. Its work in Egypt spans climate finance, fintech, infrastructure, healthcare, manufacturing, gender equity, and renewable energy.
