AMEA Power and Japan’s Kyuden International Corporation have teamed up with the International Finance Corporation (IFC) and additional collaborators to develop a solar battery storage project in the Aswan Governorate, Egypt.
The project comprises 1GW solar photovoltaic plant combined with a 600MWh battery energy storage system.
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Valued at over $700m, the project aims to bolster the nation’s energy security and strengthen the resilience of its power system.
Upon completion, the facility is set to become Africa’s largest single-asset renewable energy and battery storage development, which will be jointly owned by AMEA Power (60%) and Kyuden (40%).
The commercial operation of project is targeted by June 2026.
Acknowledging the project’s importance, AMEA Power began early construction activities before finalising all project financing.
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By GlobalDataAMEA Power chair Hussain Al Nowais said: “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 finalised.
“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.”
Financing for the Egypt solar plus battery storage project includes a senior debt package of about $570m, arranged by the IFC.
The funding comprises IFC’s own account and resources mobilised from international partners such as 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, with loans from the Clean Technology Fund, and the MENA Private Sector Development Programme, which is backed by the Government of the Netherlands.
IFC serves as the implementing entity for both facilities.
Once operational, the project is anticipated to produce over three million megawatt hours of renewable electricity each year, sufficient to power around 500,000 households.
It is also expected to cut down 1.6 million tonnes of carbon dioxide (CO₂) emissions annually.
The construction phase is projected to create more than 4,000 jobs, with local workers filling over 95% of the roles.
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.
Additionally, this represents Kyuden’s first investment in Egypt.
Kyuden chief executive officer Takashi Mitsuyoshi said: “We are honoured 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.”
