• 1,000 MW solar plant with 600 MWh battery storage planned in Aswan

• Project cost exceeds $700 million, with $570 million in senior debt

• Facility expected to start operations in June 2026

AMEA Power, in partnership with Japan’s Kyuden International Corporation, announced on December 18, a partnership with the International Finance Corporation (IFC) and other lenders to develop a 1,000 MW solar photovoltaic project combined with 600 MWh of battery energy storage in Egypt.

The project, named Abydos for Renewable Energy, is located in the Aswan governorate and aims to support Egypt’s energy security and power system resilience. Once completed, it is expected to generate more than 3 million MWh of clean electricity per year, enough to supply over 500,000 households and avoid about 1.6 million tons of CO₂ emissions annually.

Abydos for Renewable Energy is owned 60% by AMEA Power and 40% by Kyuden International Corporation. The project, scheduled to begin operations in June 2026, has an estimated total cost of more than $700 million. Its financing structure includes about $570 million in senior debt led by the IFC, using its own resources and funds mobilized from partners such as Cassa Depositi e Prestiti, British International Investment, and the OPEC Fund. The package also includes concessional financing from other partners.

The project is the largest solar and battery storage development in Africa and marks a key step in Egypt’s shift toward cleaner energy, while strengthening energy security, supporting local employment, and laying the groundwork for long-term national development, said Hussain Al Nowais, chairman of AMEA Power.

On December 16, in Tunisia, the group commissioned a 120 MWp solar power plant in Kairouan, which has become the country’s largest photovoltaic facility and the first renewable project in Tunisia to exceed 100 MWp. The project was financed with support from the IFC.

According to its Sustainability Report 2024, published in October 2025, AMEA Power concentrates 77.5% of its portfolio in Africa, with 4.14 GW of projects that are operational, under construction, or at an advanced stage of development.

Against this backdrop, the new project further strengthens the group’s footprint in Africa, particularly in Egypt, where several large-scale projects are already under development or have been completed.

Abdoullah Diop