AMEA Power and Kyuden International Corporation have partnered with the International Finance Corporation and other lenders to develop a 1 GW solar PV project with 600 MWh of battery storage in Egypt's Aswan Governorate. Valued at over USD 700 million, the project is jointly owned by AMEA Power (60%) and Kyuden (40%) and targets commercial operation in June 2026. It is among Africa's largest single-asset solar-plus-storage facilities, supporting energy security, emissions reduction, and local employment.
DATA SNAPSHOT
| Field | Value | ||
|---|---|---|---|
| Project Name | Aswan Solar PV and Battery Storage Project | ||
| Installed Capacity | 1 | 000 MW (Solar PV) | Battery Storage: 600 MWh |
| Location | Aswan Governorate | Egypt | |
| Total Project Cost | > USD 700 million | ||
| Commercial Operation Date | June 2026 (Target) | ||
| Ownership Structure AMEA Power | 60% | ||
| Ownership Structure Kyuden International Corporation | 40% | ||
| Annual Electricity Generation | > 3 million MWh | ||
| CO₂ Emissions Reduction | Approx. 1.6 million tonnes (Annual) | ||
UAE-based renewable energy developer, AMEA Power, and a Tokyo-based power generation and infrastructure investor, Kyuden International Corporation, have partnered with International Finance Corporation (IFC) and other lenders to deliver a a 1GW solar PV plant with 600MWh of battery storage in Egypt’s Aswan Governorate.
According to the company, the project has a total cost of over USD700 million and is jointly owned by AMEA Power on 60% and Kyuden on 40%. It is expected to reach commercial operation in June 2026 and becomes Africa’s one of largest single-asset renewable energy and battery storage facility.
Funding for the project includes an approximately USD 570 million senior debt facility arranged by the International Finance Corporation, combining IFC’s direct lending with capital provided by Cassa Depositi e Prestiti, FMO, DEG, British International Investment, the OPEC Fund for International Development and Europe Arab Bank. Additional financing structure has been provided through concessional blended loans from the Clean Technology Fund and the MENA Private Sector Development Program and supported by the Government of the Netherlands, with IFC as the implementing institution.
Once operational, the Aswan project is expected to generate more than 3 million MWh of electricity annually and supplies power to over 500,000 households and reducing approximately 1.6 million tonnes of CO₂ emissions each year. Construction activities are expected to generate more than 4,000 jobs during build stage, with the majority of positions filled by Egyptian workers, contributing to local workforce participation and economic activity
The project follows previous cooperation between AMEA Power and IFC in North Africa, including solar and wind projects in Egypt, a utility-scale battery storage system, and a privately financed solar project in Tunisia. It is Kyuden International Corporation’s first investment in Egypt.
AMEA Power has a portfolio spanning Africa, the Middle East and Asia, with projects in 20 countries, a pipeline exceeding 6 GW and more than 2,600 MW in operation or under construction. Its activities include wind, solar, battery energy storage, water desalination and green hydrogen.
Hussain Al Nowais, Chairman of AMEA Power, stated that construction began before full financial close in line with project size and system requirements within Egypt’s power sector.
Takashi Mitsuyoshi, CEO of Kyuden International Corporation, stated that Kyuden International is participating in the project in coordination with IFC and AMEA Power to support the delivery of large-scale renewable generation in Egypt.
Cheick-Oumar Sylla, IFC’s Division Director for North Africa and the Horn of Africa, stated that IFC’s collaboration with AMEA Power supports the delivery of large-scale power and storage projects addressing Egypt’s electricity demand and employment objectives.