Project Officially Launched, Leading Africa in Scale
Dubai-based renewable energy developer Amea Power has announced the successful financing and commencement of construction on a large-scale solar-plus-storage project in Egypt, developed in partnership with Kyuden International Corporation of Japan. With a total investment exceeding $700 million, the project will become Africa’s largest single-site renewable energy and battery storage facility.
Located in Egypt’s southern Aswan Governorate, the hybrid system will integrate 1GW of solar PV capacity with a 600MWh battery energy storage system. The project is expected to reach commercial operation in June 2026, delivering clean electricity to over 500,000 households with annual generation exceeding 3 million megawatt-hours, while offsetting approximately 1.6 million tonnes of carbon dioxide emissions annually.
Equity Structure and Partner Background
Under the project’s equity structure, Amea Power holds a 60% stake while Kyuden International Corporation owns the remaining 40%. This marks Kyuden International Corporation’s first investment in Egypt.
Kyuden International Corporation is the global business arm of the Kyuden Group, whose parent company, Kyushu Electric Power Company, provides transmission services and operates as an independent power producer in Japan’s Kyushu region. Takashi Mitsuyoshi, CEO of Kyuden International Corporation, stated: “We are honored to be part of this landmark project in Egypt. We are committed to delivering this project successfully and believe it will contribute significantly to Egypt’s clean and sustainable development.”
Diversified Financing Structure with International Institutional Support
The project financing is led by the International Finance Corporation (IFC) with a senior debt package of approximately $570 million. Funding sources include IFC’s own account and mobilized funds from international partners including Cassa Depositi e Prestiti (CDP), FMO, DEG, British International Investment (BII), the OPEC Fund for International Development, and Europe Arab Bank (EAB).
The financing structure is further supported by concessional blended finance through loans from the Clean Technology Fund (CTF) and the MENA Private Sector Development Program, backed by the Government of the Netherlands, with IFC acting as the implementing entity for both facilities.
Early Construction Reflects Strategic Importance
Hussain Al Nowais, Chairman of Amea Power, emphasized that given the project’s strategic importance to Egypt’s energy system, the company initiated construction ahead of the full finalization of project financing. He stated: “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 project is expected to create more than 4,000 construction jobs, with over 95% of positions filled by Egyptian workers, contributing to local skills development and economic growth.
Regional Advantages and Continued Collaboration
The facility will be located in the Aswan Governorate, where the renowned Benban Solar Complex also operates. With an installed capacity of 1.8GW, the Benban Solar Park is one of the world’s largest solar facilities, and the region’s abundant solar resources provide natural advantages for the project.
IFC’s partnership with Amea Power focuses primarily on North Africa. The two have collaborated on several successful projects, including the commissioning of the 500MW Abydos solar plant in Aswan in December and Egypt’s first utility-scale battery energy storage system, as well as the first large-scale privately financed solar project in Tunisia. In July 2025, Amea Power completed a 300MWh battery storage system at the Abydos solar plant.
Supporting Egypt’s Energy Transition Goals
Egypt is actively advancing its energy transition strategy. According to Egypt’s 2035 Integrated Sustainable Energy Strategy, the country aims to achieve 42% renewable energy penetration and reduce power sector emissions by 37% by 2035. This new project will provide crucial support for Egypt’s clean energy objectives.
Amea Power’s total renewable energy capacity in Egypt now reaches 2GW of solar and wind projects, equipped with 900MWh of battery energy storage systems. The company has projects in 20 countries globally, with a pipeline exceeding 6GW and over 1.6GW in operation or under construction, demonstrating strong growth momentum.
