According to foreign media reports, the International Finance Corporation (IFC) recently partnered with renewable energy developer AMEA Power and Japan's Kyuden International Corporation to jointly construct a large-scale photovoltaic power plant and its supporting battery energy storage system (BESS).

The IFC will lead the provision of $571.8 million in overall debt financing. In addition, the IFC has mobilized several partner institutions to invest in the project company, Abydos For Renewable Energy, for the development, construction, and operation of the "Abydos II" project.

The project is located in Aswan Governorate, southern Egypt, and will consist of a 1,000 MW photovoltaic power plant with an integrated 600 MWh battery energy storage system.

The funding sources are as follows: the IFC will directly provide an $83.5 million senior loan; international institutions such as the Italian Depository & Loan Bank (CDP), the Dutch Development Bank (FMO), the German Investment and Development Corporation (DEG), the British International Investment (BII), and the OPEC International Development Fund will contribute a total of $465.2 million; and the Climate Investment Fund's Clean Technology Fund will provide a $20 million concessional senior loan.

This new investment in the partnership represents another step in Egypt's green energy transition, following the joint development of the dual 500 MW Abydos solar and 500 MW Amunet wind power projects in 2022, and the financing of Egypt's first utility-scale battery storage system earlier this year.

IFC stands for International Finance Corporation, one of the five largest member institutions of the World Bank Group.