Latest news with #KomOmbo
Zawya
a day ago
- Business
- Zawya
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. (
Zawya
2 days ago
- Business
- Zawya
AMEA Power achieves financial close for Egypt's first ever utility-scale BESS project
AMEA Power successfully constructed the project in record time of approximately 6 months from the signing of the project documents. The project is scheduled to be commissioned in July 2025. The 300MWh BESS Project is located in Kom Ombo, Aswan Governorate in Egypt Dubai, United Arab Emirates – AMEA Power, one of the fastest-growing renewable energy companies in the region, has announced today the financial close of the first ever utility-scale Battery Energy Storage System (BESS) project located in Egypt. The 300MWh BESS Project is an extension of AMEA Power's operational 500MW Solar PV Plant in Aswan Governorate, Egypt, that was commissioned in December 2024. The 300MWh BESS Project will receive a $72 million debt package from IFC which will finance the integration of the project into the operational 500MW Solar PV Plant. The financing documents were signed between Samir Nacef, Chief Executive Officer of AMEA Power Egypt, and Cheick-Oumar, IFC Director for North Africa and the Horn of Africa. The signing ceremony was attended by H.E. Mostafa Madbouly, Prime Minister of Egypt; Dr. Mahmoud Esmat, Minister of Electricity and Renewable Energy of Egypt; Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation of Egypt; and Makhtar Diop, Managing Director of IFC. This milestone further cements the strategic partnership between AMEA Power and IFC, which also the includes the recently commissioned 500MW Amunet Wind Farm in Ras Ghareb, Egypt. Additionally, the collaboration extends beyond Egypt to projects such as the 120MWp solar PV plant in Metbassta, Tunisia. This BESS integration represents the first initiative to move forward under Egypt's accelerated 4GW Emergency Renewable Energy Program — a government-led effort designed to address rising electricity demand by leveraging affordable, clean energy solutions and decreasing dependence on imported natural gas. Hussain Al Nowais, Chairman of AMEA Power, said: 'At AMEA Power, we are committed to transforming the energy landscape through innovation, speed, and local collaboration. Achieving financial close for Egypt's first utility-scale BESS project—following the successful launch of our 500MW wind farm in Egypt—is a clear demonstration of our ability to deliver large scale renewable energy projects. We are proud to play a leading role in supporting Egypt's energy transition and grid resilience.' Makhtar Diop, IFC's Managing Director said: 'Meeting Egypt's rising energy demand - especially in the summer - requires bold solutions, and we are proud to deepen our collaboration with a ready-to-scale partner like AMEA Power. This investment delivers sustainable infrastructure that strengthens the grid today while laying the foundation for a cleaner, more resilient energy future in Egypt. This is modelling efficient transition – one that brings value for the country through advanced technologies and skills.' As Egypt continues to drive forward its ambitious renewable energy agenda, projects such as this utility-scale BESS are essential in ensuring grid stability, increasing renewable energy penetration, and supporting decarbonization efforts. About AMEA Power Headquartered in Dubai, AMEA Power is a developer, investor, owner and operator of renewable energy projects. As one of the fastest-growing renewable energy companies in the region, AMEA Power has assembled a world-class team of industry experts to deliver projects across Africa, the Middle East, and emerging Asia. With projects in 20 countries, a 6GW+ project pipeline, and 2,600MW+ in operation and under construction, the company is rapidly expanding its investments in wind, solar, energy storage, and green hydrogen, demonstrating its long-term commitment to the global energy transition.
Zawya
2 days ago
- Business
- Zawya
UAE's AMEA Power reaches financial close for Egypt's first utility-scale BESS project
UAE-based renewable energy company AMEA Power announced on Monday the financial close of Egypt's first ever utility-scale Battery Energy Storage System (BESS) project. The 300MWh [megawatt-hour] BESS project is an extension of AMEA Power's operational 500-megawatts (MW) Solar PV Plant in Kom Ombo, Aswan Governorate that was commissioned in December 2024. The BESS project will receive a $72 million debt package from IFC, which will finance the integration of the project into the existing plant, AMEA Power said in a press statement. It said the project was constructed in a record time of approximately six months from the signing of the project documents, and is scheduled to be commissioned in July 2025. IFC and AMEA Power have previously collaborated on the 500MW Amunet Wind Farm in Ras Ghareb, Egypt and a 120MWp solar PV plant in Metbassta, Tunisia. On Monday, Norway-headquartered renewable energy company Scatec ASA announced that it has reached financial close for the Obelisk hybrid solar and battery energy storage system (BESS) project in Egypt. (Writing by SA Kader; Editing by Anoop Menon) (
Zawya
2 days ago
- Business
- Zawya
IFC, AMEA Power launch Egypt's first utility-scale battery storage system
Egypt - The International Finance Corporation (IFC) announced on Sunday a landmark investment to support the development of Egypt's first utility-scale battery energy storage system (BESS), in partnership with AMEA Power and the Government of Egypt. The project aims to enhance grid resilience and support the country's transition to clean energy. The IFC is providing a $72m debt package to Abydos Solar Project Company, a subsidiary of AMEA Power, to finance the integration of a 300 MWh BESS with the recently operational 500 MWac Kom Ombo solar photovoltaic plant in Aswan Governorate. The solar plant, which began operations in November 2024, was also financed by IFC and international partners in 2022. The battery system, currently in the commissioning phase, is expected to be fully operational by July 2025. Once online, it will deliver approximately 100,000 MWh of energy annually and reduce CO₂ emissions by nearly 20,000 tons each year. This milestone marks the first BESS to be developed under Egypt's 4 GW Emergency Renewable Energy Program—an initiative designed to meet increasing electricity demand through clean, cost-effective sources while reducing reliance on imported natural gas. 'At AMEA Power, we are committed to transforming the energy landscape through innovation, speed, and local collaboration,' said Hussain Al Nowais, Chairman of AMEA Power. 'Achieving financial close for Egypt's first utility-scale BESS—following the successful launch of our 500 MW wind farm in the country—is a clear demonstration of our ability to deliver large-scale renewable energy projects. We're proud to support Egypt's energy transition and grid reliability.' Makhtar Diop, Managing Director of IFC, emphasized the significance of the partnership: 'Meeting Egypt's rising energy demand—especially during peak summer months—requires bold, forward-looking solutions. This project delivers sustainable infrastructure today while laying the foundation for a more resilient, cleaner energy future. It showcases how strategic partnerships and advanced technologies can accelerate energy transitions.' The BESS project aligns with Egypt's climate platform, the Nexus of Water, Food, and Energy (NWFE), and the World Bank Group's Country Partnership Framework for Egypt (FY23–27), which emphasizes job creation, human capital development, and resilience to environmental and economic shocks. Since 2017, the World Bank Group and other development finance institutions (DFIs) have supported Egypt's private sector in developing 2.1 GW of solar and 2.8 GW of wind capacity. These efforts are expected to account for over half of Egypt's installed renewable energy capacity by 2027. IFC has played a key role in landmark initiatives such as the 1.4 GW feed-in-tariff (FiT) program at the Benban Solar Park, the 252 MW West Bakr Wind project, and AMEA Power's twin 500 MW Abydos Solar and Amunet Wind projects. Since launching its operations in Egypt in 1975, IFC has invested and mobilized nearly $10bn in development projects and maintains an advisory portfolio valued at $25m. Its work in Egypt spans climate finance, fintech, infrastructure, healthcare, manufacturing, gender equity, and renewable energy. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
