AMEA Power, UAE has announced that it has reached the financing conclusion of Egypt’s first utility-scale Battery Energy Storage System (BESS).
The 300MWh BESS project is located in Aswan Governorate, Egypt.
The 300MWh BESS project will receive a $72 million loan package from IFC – International Finance Corporation, which will finance the project’s integration with the existing operational 500MW solar PV plant.
The financing documents were signed between AMEA Power Egypt CEO Samir Nassef and IFC Director for North Africa and the Horn of Africa Sheikh-Omar Silla. The signing ceremony was attended by His Excellency Mostafa Madbouly, Prime Minister of Egypt; Dr. Mahmoud Esmat, Minister of the Ministry of Electricity and Renewable Energy of Egypt; Rania A. Al-Mashad, Minister of Planning, Economic Development and International Cooperation of Egypt; and Maktar Diop, Managing Director of IFC.
The company said that as Egypt continues to advance its ambitious renewable energy agenda, projects like this utility-scale BESS are essential to ensure grid sustainability, increase renewable energy penetration, and support decarbonization efforts.
