British International Investment (BII), the UK’s development finance institution and impact investor, has announced a commitment of $37 million towards the Abydos II Solar PV and Battery Energy Storage System (BESS) project in Egypt.
The Abydos II project, with a total investment of approximately $737 million, is being spearheaded by AMEA Power and represents a significant step forward in Egypt’s renewable energy ambitions. Situated in the Aswan Governorate, this facility will rank among Africa’s largest integrated solar and battery storage installations.
Key Project Highlights:
- Capacity: 1 GWac solar generation combined with a 600 MWh battery energy storage system.
- Operational Timeline: Expected to be fully operational by 2026.
- Annual Output: Approximately 2,910 GWh of clean electricity, enough to power millions of homes and businesses.
The financing structure is supported by a consortium of leading impact investors, including:
- International Finance Corporation (IFC)
- Italy’s CDP
- Germany’s DEG
- Dutch development bank FMO
- OPEC Fund for International Development
- Europe Arab Bank
The project benefits from a 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company (EETC), ensuring a stable supply of affordable, renewable electricity for households, businesses, and industrial sectors across the country.
Strategic Impact: Abydos II is poised to play a transformative role in Egypt’s clean energy transition. Beyond delivering reliable green power, the project is expected to:
- Create thousands of jobs during construction and operation.
- Enhance energy security and resilience.
- Drive economic productivity while reducing carbon emissions.
Commenting on the investment, Iain Macaulay, Director and Head of Project Finance for Africa and Pakistan at BII, stated:
Abydos II marks a major milestone in Egypt’s clean energy journey and underscores our commitment to accelerating the country’s transition toward a sustainable, resilient economy. This project will not only deliver dependable renewable power but also foster job creation and economic growth. We are proud to collaborate with AMEA Power and our partners—IFC, DEG, FMO, CDP, the OPEC Fund, and others—to demonstrate that large-scale solar and battery storage can drive both climate action and economic opportunity.
