Amea Power and Japan’s Kyuden will develop a 1 GW solar plant and 600 MWh battery energy storage system (BESS) in Egypt after securing financing from the International Finance Corporation, according to a statement. Construction had already started on the USD 700 mn project — set to come online in June 2026 — ahead of finalizing funding, with talks ongoing since May.

The project will be located in Aswan, where Amea already operates the 500 MW Abydos solar plant and a 300 MWh BESS. The company is also planning a USD 350 mn standalone 1.5 GWh BESS, and supplying solar energy to the Suez Canal Container Terminal and chemical manufacturer Befar Group under Egypt’s peer-to-peer system.

The IFC is handing the firms a USD 83.5 mn senior loan, and mobilized USD 465.2 mn in funding from international partners including Italy’s Cassa Depositi e Prestiti, Dutch Entrepreneurial Development Bank, Deutsche Investitions- und Entwicklungsgesellschaft, British International Investment, OPEC Fund for International Development, and Europe Arab Bank. The funding also includes concessional blended finance that aims to de-risk the project.

The IFC is a recurrent financier for Amea Power’s projects in Egypt. It committed funding for the Abydos plant along with the integration of the BESS system, and the 500 MW Amunet wind project.

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