The International Finance Corporation (IFC), a member of the World Bank Group, has announced a $72 million financing package to support Egypt’s first ever utility-scale Battery Energy Storage System (BESS) Project.
In a press statement, the IFC said the funding will enable the development of Egypt’s first utility-scale Battery Energy Storage System (BESS), marking a significant milestone in Egypt’s renewable energy journey.
The investment will be directed to the Abydos Solar Project Company, a subsidiary of AMEA Power, a leading renewable energy developer.
“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,” IFC said in a statement.
The addition of the BESS to the solar facility will allow the plant to store excess solar energy generated during the day and release it during periods of high demand.
This capability is expected to significantly enhance the stability and reliability of Egypt’s national power grid.
The BESS, currently under development by AMEA Power, 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.
Hussain Al Nowais, Chairman of AMEA Power, said: “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. .
Speaking on the development, Makhtar Diop, Managing Director of the IFC, emphasized the broader impact of the initiative:
“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.”
The battery storage system project mirrors a 200MWh BESS project agreement signed with Scatec ASA just last month.
