IFC Leads $572M Financing for Egypt’s Largest Solar-Battery Project, Abydos II

Abydos II will become Africa’s largest integrated solar-plus-storage project, marking a pivotal step in Egypt’s journey toward energy security, climate resilience, and renewable-energy leadership.

The International Finance Corporation (IFC) has announced a landmark US$571.8 million debt package to support the construction of Abydos II, a 1,000-MW solar power plant with a 600-MWh battery energy storage system (BESS) in Aswan Governorate, Egypt. Developed by AMEA Power with the participation of Kyuden International Corporation of Japan, the project will dramatically expand access to reliable, low-cost clean energy across the country.

Abydos II will become Africa’s largest integrated solar-plus-storage project, marking a pivotal step in Egypt’s journey toward energy security, climate resilience, and renewable-energy leadership.

Delivering Clean, Affordable Energy at Scale

Once operational, Abydos II will:

• generate over 3 million MWh of clean electricity annually

• dispatch emission-free power at night through its 600-MWh BESS

• reduce 1.6 million tons of CO₂ emissions each year

• contribute to Egypt’s goals of a 37% reduction in power-sector emissions and 42% renewable energy by 2030

The project will also create 4,000+ construction jobs, with more than 95% of positions filled by Egyptians, stimulating local economic development.

IFC Mobilizes Global Partners for Egypt’s Energy Transition

IFC is providing:

• US$83.5 million senior loan from its own account

• US$465.2 million mobilized from international partners including:

  • Cassa Depositi e Prestiti (Italy)

  • Dutch Entrepreneurial Development Bank (FMO)

  • Deutsche Investitions- und Entwicklungsgesellschaft (DEG)

  • British International Investment (BII)

  • OPEC Fund for International Development

  • Europe Arab Bank (EAB)

Two concessional-finance facilities are also supporting the project:

• US$20M from the Clean Technology Fund (Climate Investment Funds)

• US$3.1M from the MENA Private Sector Development Program (Netherlands)

This blended-finance structure helps reduce project risks and crowd in additional private investment.

A Deepening Partnership: AMEA Power, IFC and Kyuden

Abydos II builds on a strong track record of collaboration, following IFC’s support for the 500MW Abydos Solar, 500MW Amunet Wind, and Egypt’s first utility-scale BESS earlier in 2025.

Hussain Al Nowais, AMEA Power Chairman, described Abydos II as a transformative project:

“This marks a defining step in Egypt’s clean energy journey—enhancing energy security, supporting local employment, and delivering long-term national development.”

For Kyuden International, this project represents its first investment in Egypt. CEO Takashi Mitsuyoshi emphasized the company’s commitment to accelerating Egypt’s renewable-energy transition.

Strategic Value for Egypt’s Climate and Development Agenda

Egypt’s Minister of Planning, Economic Development and International Cooperation, Dr. Rania Al-Mashat, called Abydos II a model for harnessing private investment to drive climate action:

“This project reflects Egypt’s commitment to scaling private investment in renewable energy as a cornerstone of energy security, economic development, and climate action.”

The project is part of:

• NWFE (Nexus of Water, Food and Energy) platform

• Egypt’s 4GW Emergency Renewable Energy Program

• World Bank Group’s Country Partnership Framework (FY23–27)

• Mission 300, a joint initiative with AfDB to expand access to affordable electricity in Africa

IFC’s Longstanding Role in Egypt’s Renewable Energy Market

Since 2017, IFC and partners have supported:

• 3.1 GW of solar PV

• 2.8 GW of wind capacity

• 1.4GW FiT program at Benban Solar Park

• The 252MW West Bakr Wind Project

• Abydos and Amunet 500MW projects

IFC’s broader portfolio in Egypt since 1976 includes nearly US$10 billion in investments and US$27 million in advisory services, with priorities spanning renewables, climate finance, fintech, manufacturing, infrastructure, and women’s economic inclusion.

Advancing a Low-Carbon Future

“Abydos II shows how innovative financing and strong partnerships can accelerate the transition to renewable energy while creating jobs and fostering long-term sustainable growth,” said Cheick-Oumar Sylla, IFC Division Director.

Alongside financing, IFC will support AMEA Power in implementing environmental and social safeguards, ensuring safe working conditions and compliance with IFC Performance Standards.