AMEA Power and Kyuden International Corporation have partnered with the International Finance Corporation and other lenders to deliver a 1GW solar PV plant with 600MWh of battery storage in Egypt’s Aswan Governorate.
The project has a total cost of over USD700 million and is jointly owned by AMEA Power on 60% and Kyuden on 40%, the companies said.
It is expected to reach commercial operation in June 2026 and will become Africa’s largest single-asset renewable energy and battery storage facility, according to the partners.
Hussain Al Nowais, chairman of Amea Power, said: “This project reflects AMEA Power’s ability to move with speed and scale.”
Al Nowais added: “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.”
Takashi Mitsuyoshi, chief executive officer of Kyuden International Corporation, said: “We are honored to be part of this landmark project in Egypt and to collaborate with IFC and AMEA Power.”
Cheick-Oumar Sylla, IFC’s division director for North Africa and the Horn of Africa, said: “Our strategic partnership with AMEA Power is delivering high-quality energy projects with lasting development impact in Egypt and beyond.”
The senior debt package totals about USD570 million and is led by IFC alongside CDP, FMO, DEG, BII, the OPEC Fund and Europe Arab Bank.
Construction is expected to create over 4000 jobs with more than 95% filled by Egyptians.
The project builds on earlier collaborations between AMEA Power and IFC across North Africa.