Dubai-headquartered renewable energy developer, AMEA Power, has reached financial close on a 300MWh Energy Storage System (BESS) project located in Egypt. The 300MWh BESS Project is an extension of AMEA Power’s operational 500MW Solar PV Plant in Aswan Governorate, Egypt, that was commissioned in December 2024.
The project is the first ever utility-scale BESS project in the North African country. AMEA Power is set to receive a $72 million debt package from IFC which will finance the integration of the project into the operational 500MW Solar PV Plant.
AMEA Power Egypt CEO Samir Nacef and Cheick-Oumar Sylla, IFC Director for North Africa and the Horn of Africa, signed the financing documents at a ceremony in Cairo earlier this month, attended by high-profile officials including H.E. Mostafa Madbouly, Prime Minister of Egypt; Dr. Mahmoud Esmat, Minister of Electricity and Renewable Energy; Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation; and Makhtar Diop, IFC Managing Director.
The Emirati renewable energy developer celebrated this milestone, emphasizing that it strengthens its strategic partnership with IFC. The development finance institution has previously supported AMEA Power with funding for the recently commissioned 500MW Amunet Wind Farm in Ras Ghareb, Egypt, as well as a 120MWp solar PV plant in Metbassta, Tunisia.
“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. We are proud to play a leading role in supporting Egypt’s energy transition and grid resilience,” said Hussain Al Nowais, Chairman of AMEA Power.
BESS project to help Egypt with decarbonisation goals
The BESS project is expected to help accelerate Egypt’s ambitious renewable energy goals. Additionally, the utility-scale BESS will also be essential in ensuring grid stability in the North African country, increasing renewable energy penetration, and supporting decarbonization efforts.
“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,” said Makhtar Diop, IFC’s Managing Director.
“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 an efficient transition – one that brings value for the country through advanced technologies and skills,” concluded Diop.
