Cairo, Egypt, June 15, 2025 – IFC today announced an investment to support Egypt’s first utility-scale battery energy storage system (BESS), deepening its partnership with AMEA Power, a leading renewable energy developer in Africa, the Middle East, and Central Asia, and the Government of Egypt to advance the country’s clean energy ambitions.
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.
The BESS integration marks Egypt’s first project to be implemented under the Government of Egypt’s fast-track 4GW Emergency Renewable Energy Program, which aims to meet growing electricity demand through clean and competitive sources and reduce reliance on imported natural gas. The BESS, currently under commissioning, is scheduled to come online by July 2025 It will deliver about 100,000 MWh and reduce nearly 20,000 tons of CO2 emissions annually, helping Egypt meet its target to cut emissions from its power sector by 37 percent.
“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.”
The project is in alignment with Egypt’s country-led climate platform, the Nexus of Water, Food, and Energy (NWFE) as well as the World Bank Group’s Country Partnership Framework for Egypt (FY23–27), which prioritizes job creation, human capital development, and resilience to economic and environmental shocks.
Since 2017, the World Bank Group and other DFIs have supported the private sector to develop 2.1 GW of solar PV and 2.8 GW of wind projects, contributing to more than half of Egypt’s total installed renewable energy capacity by 2027. IFC has supported landmark initiatives such as the 1.4GW feed-in-tariff (FiT) program in Benban solar park in Aswan Governorate, the 252MW West Bakr Wind project, and the twin 500MW Abydos Solar and 500MW Amunet Wind projects.
Since beginning its operations in Egypt in 1975, IFC has invested and mobilized nearly $10 billion in development projects and has an advisory portfolio of $25 million. IFC's private sector support in Egypt focuses on fintech, climate finance, manufacturing, infrastructure, renewable energy, healthcare, gender, and other sectors.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.
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About Egypt’s first utility-scale battery energy storage system (BESS)
The introduction of Egypt’s first utility-scale battery energy storage system (BESS) will enhance the resilience and flexibility of Egypt’s electricity system, enabling the grid operator to better manage peak demand times, easing pressure on the grid, supporting greater power service needs, and helping to optimize Egypt’s abundant renewable resources.
This first BESS project in Egypt is supported by the Dutch entrepreneurial development bank (FMO); the Canada-IFC Blended Climate Finance Program, which mobilizes private capital for global climate action; and the Korea Green, Resilient, and Innovative Development Blended Finance Program and the Clean Technology Fund.
IFC will also help strengthen the project’s environmental and social management system, including processes to oversee safe and healthy working conditions, and manage the project works in line with IFC’s Performance Standards.
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