Dubai-headquartered, MENA-focused renewable energy company Amea Power has announced the successful financing and the start of construction on a giant solar-and-storage project in Egypt.
The company initially revealed its plan to deliver the project in September 2024, following the completion of a power purchase agreement (PPA) with Egyptian Electricity Transmission Co.
The hybrid system will integrate 1 GW of solar PV with 600 MWh of BESS. When it reaches commercial operation in June 2026, it will be the largest single-site renewable energy and BESS facility in Africa, according to its developers.
Amea Power is working with Kyuden International Corporation of Japan and the International Finance Corporation (IFC) and other partners to deliver the facility.
The project will cost more than $700 million in total, with Amea Power holding a 60% stake and Japan’s Kyuden International Corporation owning the remaining 40%.
“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 will be located in the Aswan Governorate, in southern Egypt, where the Benban solar complex is also operating.
Al Nowais highlighted the project’s strategic importance in Amea Power’s growth strategy, adding that the company went ahead with construction ahead of the full finalization of the project financing.
“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,” he said.
The hybrid solar and BESS project is financed through an approximately $570 million senior debt package led by the IFC, comprising its own account and funds mobilized from international partners Cassa Depositi e Prestiti (CDP), FMO, DEG, British International Investment (BII), the OPEC Fund for International Development, and Europe Arab Bank (EAB).
The financing structure is further supported by concessional blended finance, a loan from the Clean Technology Fund (CTF) and the MENA Private Sector Development Program, supported by the Government of the Netherlands, with IFC acting as the implementing entity for both facilities.
IFC already has a partnership with Amea Power, focusing primarily on North Africa. The two collaborated on the successful commissioning in December of the 500 MW Abydos solar plant in Aswan and the first utility-scale BESS in Egypt, in addition to the first large-scale privately financed solar project in Tunisia. In July 2025, Amea Power completed 300 MWh of BESS at the Abydos solar plant.
The project also marks Kyuden International Corporation’s first investment in Egypt. The Japanese multinational provides transmission services and acts as an independent power producer (IPP). It is the global arm of the Kyuden Group and the Kyuden Group’s parent company, Kyushu Electric Power Company, which supplies electricity to homes and businesses in the Kyushu region in the south of Japan.
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