IFC, AMEA Power launch Egypt's first battery energy storage system
Arab Finance: The International Finance Corporation (IFC) has announced a $72 million investment to support Egypt's first utility-scale battery energy storage system (BESS), in partnership with AMEA Power and the Egyptian government, marking a major milestone in the country's transition to clean energy, as per an emailed press release.
The financing package will support the integration of a 300 megawatt-hour BESS into the newly commissioned 500MW alternating-current solar photovoltaic plant operated by AMEA Power's subsidiary, Abydos Solar Project Company, in Kom Ombo, Aswan.
The solar plant, also financed by IFC and international partners, began operations in November 2024.
This is the first project of its kind under Egypt's fast-track 4GW Emergency Renewable Energy Program, designed to meet rising electricity demand through clean, competitive energy sources and reduce reliance on imported natural gas.
The BESS is currently in the commissioning phase and is expected to be operational by July 2025.
Once online, it will deliver approximately 100,000 MWh annually and is projected to reduce around 20,000 tons of carbon dioxide emissions each year, supporting Egypt's goal to cut emissions from the power sector by 37%.
The project aligns with Egypt's Nexus of Water, Food, and Energy (NWFE) platform and the World Bank Group's Country Partnership Framework for Egypt (FY23–27), which prioritizes job creation, human capital development, and resilience to environmental and economic shocks.
Since 2017, the World Bank Group and development finance institutions (DFIs) have played a key role in supporting Egypt's renewable energy sector, contributing to the development of 2.1GW of solar and 2.8GW of wind capacity, more than half of the country's projected installed renewable energy by 2027.
IFC has backed several landmark renewable energy projects in Egypt, including the 1.4GW feed-in tariff program in Benban, the 252MW West Bakr Wind project, and the twin 500MW Abydos Solar and 500MW Amunet Wind projects.
Since launching its operations in Egypt in 1975, IFC has invested and mobilized nearly $10 billion in development projects and maintains an advisory portfolio valued at $25 million.
Its private sector engagement in Egypt spans fintech, climate finance, infrastructure, renewable energy, healthcare, gender, and manufacturing.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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