AMEA Power, one of the fastest-growing renewable energy companies in the region, has achieved financial close on the first ever utility scale battery energy storage system (BESS) project located in Egypt.
The 300 MWh BESS project is an extension of AMEA Power’s operational 500 MW solar photovoltaics (PV) plant in Aswan Governorate, Egypt, that was commissioned in December 2024.
The 300 MWh BESS project will receive a US$72 million debt package from IFC which will finance the integration of the project into the operational 500 MW solar PV plant.
The financing documents were signed between Samir Nacef, CEO of AMEA Power Egypt, and Cheick-Oumar, IFC Director for North Africa and the Horn of Africa.
This milestone further cements the partnership between AMEA Power and IFC, which also the includes the recently commissioned 500 MW Amunet wind farm in Ras Ghareb, Egypt. Additionally, the collaboration extends beyond Egypt to projects such as the 120 MWp solar PV plant in Metbassta, Tunisia.
This BESS integration represents the first initiative to move forward under Egypt’s accelerated 4 GW Emergency Renewable Energy Programme – a government-led effort designed to address rising electricity demand by leveraging affordable, clean energy solutions and decreasing dependence on imported natural gas.
Hussain Al Nowais, Chairman of AMEA Power, commented: “At AMEA Power, we are committed to transforming the energy landscape through innovation, speed, and local collaboration. Achieving financial close for Egypt’s first utility scale BESS project – following the launch of our 500 MW wind farm in Egypt – is a 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.”
Makhtar Diop, IFC’s Managing Director, added: “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. 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.”
As Egypt continues to drive forward its ambitious renewable energy agenda, projects such as this utility scale BESS are essential in ensuring grid stability, increasing renewable energy penetration, and supporting decarbonisation efforts.
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