The International Finance Corporation (IFC), a member of the World Bank Group, has announced a landmark $72 million financing package to support Egypt’s transition toward a more sustainable and resilient energy future. This funding will enable the development of the country’s first utility-scale Battery Energy Storage System (BESS), marking a significant milestone in Egypt’s renewable energy journey.
The investment will be directed to the Abydos Solar Project Company, a subsidiary of AMEA Power, a leading renewable energy developer. The funds will facilitate the integration of a 300 megawatt-hour (MWh) battery storage system into AMEA Power’s existing 500 megawatt alternating current (MWac) solar photovoltaic (PV) plant located in Kom Ombo, within Egypt’s Aswan Governorate.
This solar facility, which commenced operations in November 2024, was previously financed by the IFC in collaboration with other international development partners. The addition of the BESS will allow the plant to store excess solar energy generated during the day and release it during periods of high demand, such as during the evening or peak summer months. This capability is expected to significantly enhance the stability and reliability of Egypt’s national power grid.
Hussain Al Nowais, Chairman of AMEA Power, highlighted the strategic importance of the project, stating:
Securing financing for Egypt’s first battery energy storage system, following the successful completion of our 500MW wind project in the country, underscores our commitment to delivering scalable and innovative renewable energy solutions. This project not only strengthens Egypt’s energy infrastructure but also reinforces our role in supporting the nation’s clean energy ambitions.
Makhtar Diop, Managing Director of the IFC, emphasized the broader impact of the initiative:
This investment represents a forward-thinking response to Egypt’s growing energy demands, particularly during peak consumption periods. We are proud to deepen our partnership with AMEA Power, a company that is well-positioned to drive sustainable energy growth. By supporting cutting-edge technologies like battery storage, we are helping to build a cleaner, more resilient energy system for Egypt.
The integration of battery storage is a critical step in Egypt’s broader strategy to diversify its energy mix and reduce dependence on fossil fuels. It also aligns with the country’s climate goals and its commitment to increasing the share of renewables in its energy portfolio.
