AMEA Power confirmed on 16 June the financial close of Egypt’s first grid-scale battery energy storage system, a 300MWh facility in Kom Ombo, Aswan Governorate. The project extends the operation of a 500MW photovoltaic plant delivered in December 2024 and is due to come online in July 2025. The company says it completed the initial construction phase in just six months after the signing of the agreements.
Financing structured around IFC
The scheme receives senior debt of USD72mn from the International Finance Corporation (IFC). The contracts were signed by Samir Nacef, chief executive officer of AMEA Power Egypt, and Cheick-Oumar, IFC’s director for North Africa and the Horn of Africa, in the presence of Egyptian Prime Minister Mostafa Madbouly and several sector ministers. According to the parties, the credit structure will support the technical integration of the storage with the existing solar park without recourse to sovereign guarantees. The terms include a maturity aligned with the duration of the power purchase agreement concluded with state-owned Egyptian Electricity Transmission Co.
Integration into the 4 GW programme
The Egyptian government includes the project in its four-gigawatt emergency renewables programme, designed to meet summer demand and cut natural gas imports. AMEA Power states that the battery energy storage system (BESS) will be able to deliver electricity for four continuous hours, thereby reinforcing the stability of the high-voltage grid. Commissioning is scheduled to coincide with the expected peak in consumption next summer.
Collaboration between AMEA Power and IFC already covers the 500MW Amunet wind farm at Ras Ghareb, inaugurated in 2024, and a 120MWp solar plant at Metbassta in Tunisia. The company, controlled by conglomerate Al Nowais Investments, is pursuing rapid expansion in African markets with significant capacity deficits. IFC sees the platform as a way to deploy catalytic capital into the regional storage segment.
“Securing this financing confirms our ability to deliver large-scale infrastructure within competitive timelines,” said Hussain Al Nowais, chairman of AMEA Power. Makhtar Diop, IFC managing director, stated that “meeting the growing demand for electricity requires bold solutions”.
