AMEA Power and Kyuden International Corporation have partnered with the International Finance Corporation (IFC) and a group of lenders to develop a 1-gigawatt solar photovoltaic plant with 600 megawatt-hours of battery energy storage in Egypt’s Aswan Governorate, the companies said.
The project, with a total cost exceeding $700 million, is jointly owned by AMEA Power with a 60% stake and Kyuden with 40%. The partners said the facility is expected to reach commercial operation in June 2026 and, once completed, will be Africa’s largest single-asset renewable energy and battery storage project.
“This project reflects AMEA Power’s ability to move with speed and scale,” said Hussain Al Nowais, chairman of AMEA Power.
Given the importance of the project for Egypt’s energy system, Al Nowais said construction began early. “Given the strategic importance of this renewable energy project for Egypt’s energy system, we initiated construction at the earliest opportunity, advancing delivery even before project finance was finalised,” he said.
Kyuden International said the project represents a significant collaboration. “We are honored to be part of this landmark project in Egypt and to collaborate with IFC and AMEA Power,” said Takashi Mitsuyoshi, chief executive officer of Kyuden International Corporation.
The senior debt financing totals about $570 million and is led by IFC, alongside lenders including CDP, FMO, DEG, British International Investment, the OPEC Fund and Europe Arab Bank. IFC said the project builds on its existing partnership with AMEA Power in the region.
“Our strategic partnership with AMEA Power is delivering high-quality energy projects with lasting development impact in Egypt and beyond,” said Cheick-Oumar Sylla, IFC’s division director for North Africa and the Horn of Africa.
Construction is expected to generate more than 4,000 jobs, with over 95% of roles filled by Egyptian workers, the partners said.
