Egypt: IFC invests in battery energy storage system
IFC’s $72 million debt package will finance the integration of 300MWh BESS into a solar plant in Kom Ombo.
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The International Finance Corporation (IFC) has announced an investment to support Egypt’s first utility-scale battery energy storage system (BESS), deepening its partnership with AMEA Power.
IFC’s $72 million debt package to AMEA Power’s subsidiary, Abydos Solar Project Company, will finance the integration of the 300MWh BESS into the newly commissioned 500MWac solar photovoltaic power plant in Kom Ombo, Aswan Governorate. The solar power plant, also financed by IFC and international partners in 2022, became operational in November 2024.
“At AMEA Power, we are committed to transforming the energy landscape through innovation, speed, and local collaboration,” said Hussain Al Nowais, chairman of AMEA Power. “Achieving financial close for Egypt’s first utility-scale BESS project – following the successful launch of our 500MW wind farm in Egypt – is a clear demonstration of our ability to deliver large scale renewable energy projects. We are proud to play a leading role in supporting Egypt’s energy transition and grid resilience.”
“Meeting Egypt’s rising energy demand – especially in the summer – requires bold solutions, and we are proud to deepen our collaboration with a ready-to-scale partner like AMEA Power,” said Makhtar Diop, IFC’s managing director. “This investment delivers sustainable infrastructure that strengthens the grid today while laying the foundation for a cleaner, more resilient energy future in Egypt. This is modelling efficient transition – one that brings value for the country through advanced technologies and skills.”
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