Wedoany.com Report-Dec.19, AMEA Power, in partnership with Japan's Kyuden International Corporation and the International Finance Corporation (IFC), along with other collaborators, is developing a major solar photovoltaic and battery storage project in Egypt's Aswan Governorate.
The solar and battery storage project construction is projected to create more than 4,000 jobs.
The initiative includes a 1GW solar plant integrated with a 600MWh battery energy storage system. With a total value exceeding $700 million, the development aims to enhance national energy security and improve the stability of the power grid.
Upon completion, the facility will represent Africa's largest single-site renewable energy and battery storage project. Ownership will be divided between AMEA Power (60%) and Kyuden (40%). Commercial operations are scheduled to commence by June 2026.
AMEA Power initiated preliminary construction activities ahead of completing all financing arrangements, reflecting the project's strategic significance for Egypt's energy infrastructure.
AMEA Power chair Hussain Al Nowais said: "This project reflects AMEA Power's ability to move with speed and scale. 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 finalised.
"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."
The financing package includes approximately $570 million in senior debt coordinated by the IFC, drawing from its own resources and contributions from international institutions such as Cassa Depositi e Prestiti, FMO, DEG, British International Investment, the OPEC Fund for International Development, and Europe Arab Bank.
Additional support comes through concessional blended finance from the Clean Technology Fund and the MENA Private Sector Development Programme, supported by the Government of the Netherlands, with IFC acting as the implementing entity.
Once fully operational, the project is expected to generate more than three million megawatt-hours of renewable electricity annually, enough to supply around 500,000 households. It will also reduce carbon dioxide emissions by approximately 1.6 million tonnes each year.
During the construction period, the development is projected to create over 4,000 jobs, with more than 95% filled by local workers.
The collaboration builds on prior successful partnerships between AMEA Power and IFC in the region, including a 500MW solar facility in Aswan and a 500MW wind plant in Ras Ghareb. This marks Kyuden's initial investment in Egypt.
Kyuden chief executive officer Takashi Mitsuyoshi said: "We are honoured to be part of this landmark project in Egypt and to collaborate with IFC and AMEA Power.
"Together, we are committed to delivering this project successfully. We believe it will contribute significantly to Egypt's clean and sustainable development and accelerate the transition to renewable energy."
