The International Finance Corporation (IFC) has partnered with AMEA Power and Kyuden International Corporation to develop the Abydos II solar-plus-storage project in Egypt through the project company Abydos For Renewable Energy. The project will be located in Aswan Governorate in southern Egypt and is aimed at strengthening electricity supply reliability and energy security.
The Abydos II project will comprise a 1,000 MW solar power plant integrated with a 600 MWh battery energy storage system. It is expected to generate more than 3 million MWh of electricity annually, with stored energy dispatched during night-time peak demand. IFC has arranged a debt financing package of USD571.8 million for the project, including a senior loan of USD83.5 million and USD465.2 million mobilised from international development finance institutions, along with concessional blended finance from the Clean Technology Fund and the MENA Private Sector Development Program. The project is projected to reduce carbon emissions by about 1.6 million tonnes per year and support Egypt’s renewable energy and decarbonisation targets.