AMEA Power Closes Financing for Egypt’s First Utility-Scale Battery Storage
AMEA Power, one of the fastest-growing renewable energy companies in the Middle East, Africa, and Asia (AMEA) region, has announced the financial close of Egypt’s first-ever utility-scale Battery Energy Storage System (BESS).
The 300MWh BESS project will be integrated into the existing 500MW Solar PV Plant in Aswan Governorate, Egypt, further enhancing the country’s renewable energy infrastructure. The solar plant, which was commissioned in December 2024, has already marked a major milestone for AMEA Power.
This crucial step in Egypt’s clean energy transition has been made possible through a $72 million debt package secured from the International Finance Corporation (IFC), which will help finance the integration of the BESS project into the operational solar facility.
Collaboration and Support from Egyptian Governmentb
The signing ceremony took place with high-level participation, including H.E. Mostafa Madbouly, Prime Minister of Egypt; Dr. Mahmoud Esmat, Minister of Electricity and Renewable Energy of Egypt; Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation of Egypt; and Makhtar Diop, Managing Director of IFC.
This milestone marks the strengthening of the partnership between AMEA Power and IFC, following their joint efforts on the 500MW Amunet Wind Farm in Ras Ghareb, Egypt. The collaboration extends beyond Egypt, with ongoing projects like the 120MWp solar PV plant in Metbassta, Tunisia.
The 300MWh BESS project is a major milestone under Egypt's 4GW Emergency Renewable Energy Program, which aims to meet the increasing demand for electricity in the country with affordable, clean energy. The project also works to minimize Egypt's importation of natural gas by boosting energy storage and enabling a more robust national grid.
Also read: AMEA Power Secures Key BESS Projects to Strengthen South Africa’s Grid
Commitment to Innovation and Local Collaboration
Hussain Al Nowais, Chairman of AMEA Power, said, “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 successful launch of our 500MW wind farm in Egypt—is a clear demonstration of our ability to deliver large scale renewable energy projects.
He added, “We are proud to play a leading role in supporting Egypt’s energy transition and grid resilience.”
As Egypt remains committed to its ambitious renewable energy targets, initiatives like the 300MWh BESS are vital towards keeping the national grid stable, boosting renewable energy contribution, and propelling the country toward decarbonization.
