By: Utilities Middle east

AMEA Power, one of the fastest-growing renewable energy firms in the region, has partnered with Japan’s Kyuden International Corporation, the International Finance Corporation (IFC), and other partners to deliver a major solar PV and battery energy storage project in Egypt.

The project, located in the Aswan Governorate, features a 1,000 MW solar plant paired with a 600 MWh battery energy storage system (BESS) and represents a total investment of over USD 700 million. Once operational in June 2026, it will become Africa’s largest single-asset renewable energy and battery storage facility.

AMEA Power holds a 60% stake in the project, with Kyuden International owning 40%. Early construction work has already begun, demonstrating AMEA Power’s commitment to supporting Egypt’s growing electricity demand with clean, reliable, and resilient energy solutions.

The project is financed through an approximate USD 570 million senior debt package led by the IFC, supplemented by contributions from international partners including Cassa Depositi e Prestiti (CDP), FMO, DEG, British International Investment (BII), the OPEC Fund for International Development, and Europe Arab Bank (EAB). Concessional blended finance is also provided via the Clean Technology Fund (CTF) and the MENA Private Sector Development Program, with IFC acting as implementing entity.

Hussain Al Nowais, Chairman of AMEA Power, highlighted the project’s strategic importance, noting that early mobilisation reflects the company’s ability to deliver at scale. He added that the development will enhance Egypt’s energy security, create over 4,000 jobs during construction—over 95% for Egyptians—and support national economic development.

Takashi Mitsuyoshi, CEO of Kyuden International, emphasised the significance of this landmark investment as Kyuden’s first project in Egypt and its contribution to sustainable development. Cheick-Oumar Sylla, IFC Division Director for North Africa and the Horn of Africa, added that the partnership will provide high-quality clean energy solutions while fostering inclusive growth.

Upon completion, the facility is expected to generate over 3 million MWh of clean electricity annually—enough to power more than 500,000 homes—and reduce CO₂ emissions by 1.6 million tonnes each year. The project builds on AMEA Power and IFC’s long-standing collaboration across North Africa, including the 500 MW solar plant in Aswan, a 500 MW wind plant in Ras Ghareb, and Egypt’s first utility-scale battery system, as well as AMEA Power’s first privately financed solar project in Tunisia.