Dubai-based renewable energy developer AMEA Power has secured financing and commenced construction on what will become Africa’s largest single-site renewable energy and battery storage facility, marking a transformative milestone in Egypt’s clean energy transition.
Project Overview
The landmark $700 million project, located in Egypt’s Aswan Governorate, will integrate 1 GW of solar photovoltaic capacity with 600 MWh of battery energy storage systems (BESS). Upon reaching commercial operation in June 2026, the facility will set a new benchmark for renewable energy infrastructure across the African continent.
AMEA Power holds a 60% stake in the project, with Japan’s Kyuden International Corporation owning the remaining 40%. The collaboration represents Kyuden’s first investment in Egypt and underscores growing international confidence in the country’s renewable energy sector.
Strategic Financing Package
The International Finance Corporation (IFC), part of the World Bank Group, has led a comprehensive $570 million senior debt package for the project. The financing structure includes contributions from the IFC’s own account alongside funds mobilized 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).
The project benefits from concessional blended finance through the World Bank’s Clean Technology Fund (CTF) and the MENA Private Sector Development Program, an initiative supported by the Government of the Netherlands, with the IFC serving as the implementing entity for both facilities.
National Impact and Energy Security
“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,” said Hussain Al Nowais, Chairman of AMEA Power.
The facility’s location in the Aswan Governorate, approximately 900 km south of Cairo, positions it within a region already home to the Benban solar complex, further establishing southern Egypt as a renewable energy hub.
Accelerated Development Timeline
In a demonstration of the project’s strategic importance, AMEA Power initiated construction ahead of finalizing the complete financing package—an unusual move that highlights both the developer’s commitment and Egypt’s urgent energy infrastructure needs.
“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 finalized,” Al Nowais explained.
Building on Proven Track Record
The project represents the latest achievement in AMEA Power’s rapidly expanding Egyptian portfolio. The company recently commissioned the 500 MW Abydos Solar Project, which included Egypt’s first utility-scale BESS—a 300 MWh system completed in July 2025. That project also received IFC financing support, establishing a successful partnership model now being replicated at scale.
AMEA Power is simultaneously developing Egypt’s first standalone battery storage projects, having signed Capacity Purchase Agreements with the Egyptian government for a 500 MWh system in Zafarana and a 1,000 MWh project in Benban.
Regional Context and Growing Momentum
Egypt’s renewable energy sector is experiencing unprecedented growth, driven by urbanization, industrial expansion, and climate imperatives across the Middle East and North Africa region. The country is positioning itself as a clean energy leader, with multiple gigawatt-scale projects advancing simultaneously.
Norwegian developer Scatec recently secured $479.1 million in non-recourse financing for its Obelisk solar-plus-storage project in the Nagaa Hammadi region, featuring 1.1 GW of solar capacity and a 100 MW/200 MWh BESS.
Additionally, a joint venture led by Chinese manufacturer JA Solar broke ground this month on a $210 million manufacturing complex in the Suez Canal Economic Zone, which will produce 2 GW of solar PV cells, 2 GW of modules, and 1 GWh of energy storage systems annually.
International Partnerships Driving Growth
Kyuden International Corporation, a subsidiary of Kyushu Electric Power Corp—one of Japan’s regional utility companies—brings significant technical expertise and operational experience to the partnership. The company provides transmission services and operates as an independent power producer globally, with its parent company supplying electricity to Japan’s Kyushu region.
The collaboration between AMEA Power and Kyuden International follows a memorandum of understanding signed in June 2025 to collaborate on renewable energy and green hydrogen initiatives across the region.
Long-Term Implications
The project’s successful financing and construction launch signal strong institutional confidence in Egypt’s renewable energy market and regulatory framework. The involvement of multiple development finance institutions and international investors demonstrates the project’s commercial viability and strategic importance.
As electricity demand surges across the Middle East and North Africa due to urbanization, industrial growth, and climate conditions, large-scale renewable energy and storage projects like AMEA Power’s Aswan facility will play a critical role in meeting energy security objectives while advancing decarbonization goals.
The facility is expected to create substantial local employment opportunities during both construction and operational phases, contributing to Egypt’s broader economic development objectives alongside its energy transition.
With construction now underway and commercial operations targeted for June 2026, AMEA Power’s landmark project represents a defining moment in Africa’s renewable energy evolution and Egypt’s emergence as a clean energy powerhouse.
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