IFC-led lenders back one of Africa’s largest solar storage projects

The International Finance Corporation (IFC), AMEA Power, and Kyuden International Corporation have announced a $571.8 million debt financing package for the Abydos II project in Egypt, positioned as one of Africa’s largest integrated solar and battery energy storage facilities.

The financing, led by IFC, will support the development of a 1,000 MW solar photovoltaic power plant paired with a 600 MWh battery energy storage system in Aswan Governorate. The project is being developed by Abydos For Renewable Energy and is expected to generate more than 3 million MWh of electricity annually. The battery system will enable emission-free power dispatch during evening peak demand, supporting grid stability and cutting carbon emissions by an estimated 1.6 million tonnes each year.

The $571.8 million financing package includes an $83.5 million senior loan from IFC’s own account and $465.2 million mobilised from international lenders. These include Cassa Depositi e Prestiti, FMO, DEG, British International Investment, OPEC Fund for International Development, and Europe Arab Bank. In addition, $23.1 million in concessional blended finance has been provided by the Clean Technology Fund and the MENA Private Sector Development Program to reduce project risk.

The project strengthens IFC’s ongoing partnership with AMEA Power in Egypt and marks the first investment in the country by Kyuden International Corporation. It supports Egypt’s national energy targets, including achieving a 42 per cent renewable energy share by 2030 and reducing power sector emissions by 37 per cent. Construction is expected to generate more than 4,000 jobs, with over 95 per cent of positions to be filled by Egyptian nationals.

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