The World Bank’s International Finance Corporation (IFC) has agreed a financing package for a 1GW solar PV power plant paired with 600MWh of energy storage in Egypt.
The IFC has partnered with developer AMEA Power and investor Kyuden International Corporation, leading a US$570 million senior debt package comprising the IFC’s own funds and funding from other partners, including the OPEC Fund for International Development and Europe Arab Bank.
The project will be built in Egypt’s Aswan Governorate, in the south of the country, about 900km from the capital, Cairo. AMEA Power said it is expected to reach commercial operation in June 2026 and anticipates that it will be Africa’s largest single-asset renewable energy facility and battery energy storage system (BESS) project.
Financing toward the project’s total expected cost of US$700 million will be supported by concessional blended finance through the World Bank Clean Technology Fund (CTF) and MENA Private Sector Development Program, an initiative between the IFC and the government of the Netherlands.
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Dubai-based developer AMEA Power owns 60% of the project while Japan’s Kyuden owns the remaining 40%. The two companies signed a memorandum of understanding (MoU) to collaborate in the fields of renewable energy and green hydrogen in June.
Kyuden International is a subsidiary of Kyushu Electric Power Corp, one of Japan’s regional utility companies, and the project marks its first investment in Egypt.
For AMEA Power, meanwhile, the project is the latest in a track record the developer is establishing quickly in Egypt.
The company commissioned Egypt’s first-ever large-scale BESS a few months ago, a 300MWh system at the 500MW Abydos Solar Project. The financing of that project was also supported with IFC funding.
AMEA Power is also on course to build the country’s first standalone battery storage projects. Capacity Purchase Agreements (CPAs) were signed early this year with the Egyptian government for a 500MWh system in the coastal village of Zafarana and for a 1,000MWh project in Benban on the banks of the Nile River.
Around the time that AMEA Power closed financing on the Abydos project, Norwegian developer Scatec secured US$479.1 million non-recourse financing from three development institutions for its Obelisk solar-plus-storage project in Egypt’s Nagaa Hammadi region.
Obelisk will feature 1.1GW of solar PV capacity, built in two phases, and a 100MW/200MWh BESS, which will be deployed as part of the first phase. Scatec announced equity deals for the project with Norwegian state-run investment fund Norfund and France’s EDF a few days ago.
JA Solar JV opens factory making solar, BESS products
In other news from Egypt, a joint venture (JV) led by vertically integrated Chinese solar PV module manufacturer JA Solar broke ground this week on a new solar PV cell, module and BESS manufacturing facility.
The US$210 million ATUM Solar complex in the Sokhna area of the Suez Canal Economic Zone will comprise three separate manufacturing facilities, our colleagues at PV Tech reported on Wednesday (17 December).
One of these will produce 2GW of solar PV cells annually, 100% for export. The other two will house lines producing 2GW of PV modules annually and 1GWh of energy storage systems, targeting local and regional markets.
The venture, which was formed this summer, is backed by four main bodies: JA Solar, as the technology investor; the Egyptian firm AH; the UAE investor Global South Utilities; and Infinity Capital from Bahrain.
Among the officials attending a groundbreaking ceremony on 15 December were Egypt’s deputy prime minister, Kamel El-Wazir, and Walid Gamal El-Din, chairman of the General Authority for the Suez Canal Economic Zone, both of whom emphasised the project’s role in creating local jobs and reducing Egypt’s reliance on imported clean energy products.
ATUM Solar Complex story by Ben Willis. It first appeared on PV Tech.
Our publisher Solar Media, part of Informa Markets, will hold its inaugural Energy Storage Summit Middle East in Dubai, UAE, on 7-9 April, 2026. It will be co-located with Informa Markets’ Middle East Energy Show. See the event website for more information and tickets.
