IFC, Dubai-based AMEA Power partner to boost Egypt’s energy security with 1GW solar project

The $571.8 million debt package, led by IFC and including funds mobilized from international partners, will finance the Abydos II project, which is expected to produce over three million MWh of clean electricity annually, while dispatching emission-free power during peak evening hours. The project is set to reduce carbon emissions by 1.6 million tons per year, supporting Egypt’s climate targets of cutting power sector emissions by 37 percent and achieving 42 percent renewable energy use by 2030.

Construction of Abydos II is expected to create over 4,000 jobs, with more than 95 percent allocated to Egyptians, marking a major boost to local employment and economic development.

IFC is providing a senior loan of $83.5 million and has mobilized $465.2 million from global partners, including Italy’s CDP, Dutch FMO, Germany’s DEG, British International Investment (BII), the OPEC Fund for International Development, and Europe Arab Bank (EAB). Additional concessional finance comes from the Clean Technology Fund ($20 million) and the MENA Private Sector Development Program ($3.1 million), with IFC as the implementing entity for both.

This new South-South investment builds on previous IFC-AMEA collaborations, including the 500MW Abydos Solar and 500MW Amunet Wind projects in 2022 and Egypt’s first utility-scale battery energy storage system earlier this year.