BII increases its investment in Egypt’s renewable energy sector
The UK’s development finance institution has committed $37 million to the Abydos II project in Egypt.
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British International Investment (BII), the UK’s development finance institution and impact investor, has committed $37 million to the Abydos II Solar PV and Battery Energy Storage System (BESS) project in Egypt.
The $737 million project will be developed by AMEA Power.
Located in Aswan Governorate, Abydos II will be one of Africa’s largest integrated solar and battery storage facilities, with a capacity of 1 GWac and a 600 MWh battery system. Once operational in 2026, it will generate approximately 2,910 GWh of clean electricity annually.
The project is being co-financed by a consortium of impact investors, including the International Finance Corporation, Italy’s CDP, Germany’s DEG, the Dutch FMO, the OPEC Fund for International Development and Europe Arab Bank.
Supported by a 25-year power purchase agreement with the Egyptian Electricity Transmission Company (EETC), the project will deliver stable, low-cost electricity to households, businesses, and industries.
Iain Macaulay, director and head of project finance for Africa and Pakistan at BII, said: “Abydos II is a major milestone in Egypt’s clean energy journey and reflects our commitment to working with partners to accelerate the country’s transition toward a sustainable, resilient economy. This project will deliver reliable green power, create thousands of jobs, and boost productivity. BII is proud to work with Amea Power, alongside IFC, DEG, FMO, CDP, the OPEC Fund, and others to show that large-scale solar and battery storage can drive climate action and economic opportunity.”
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