The International Finance Corporation (IFC), on Thursday, 18 December 2025, announced a strategic partnership with Dubai-based AMEA Power and Japan’s Kyuden International Corporation to develop a 1,000-megawatt solar power plant integrated with a 600MWh battery energy storage system in Aswan, southern Egypt.
The $571.8 million financing package, led by IFC with support from international partners, will fund the Abydos II project, expected to generate more than three million megawatt-hours of clean electricity annually while supplying emission-free power during peak evening demand.
The project is projected to cut carbon emissions by 1.6 million tonnes per year, advancing Egypt’s targets of reducing power sector emissions by 37 per cent and raising renewable energy’s share to 42 per cent by 2030.
Construction is expected to create over 4,000 jobs, with more than 95 per cent allocated to Egyptians, reinforcing local economic participation. IFC is providing an $83.5 million senior loan and has mobilised $465.2 million from partners including Italy’s CDP, Dutch FMO, Germany’s DEG, British International Investment, the OPEC Fund for International Development and Europe Arab Bank, alongside concessional finance from climate-focused funds.
Abydos II forms part of Egypt’s fast-track 4GW Emergency Renewable Energy Programme and aligns with the Nexus of Water, Food and Energy platform, as well as the World Bank Group’s Country Partnership Framework for Egypt (FY2023–2027). The project builds on earlier IFC–AMEA collaborations and marks Kyuden International’s first investment in Egypt, underscoring growing South–South cooperation in large-scale clean energy development.
