AMEA Power, UAE announces that it has reached financial close on Egypt’s first-ever utility-scale Battery Energy Storage System (BESS).
The 300MWh BESS Project located in Aswan Governorate Egypt.
The 300MWh BESS Project will receive a $72 million debt package from IFC – International Finance Corporation which will finance the integration of the project into current operational 500MW Solar PV Plant.
The financing documents were signed between Samir Nacef, Chief Executive Officer of AMEA Power Egypt, and Cheick-Oumar Sylla, 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 Egyptian Ministry of Electricity and Renewable Energy of Egypt; Rania A. Al-Mashat, Minister of Ministry of Planning, Economic Development & International Cooperation of Egypt; and Makhtar Diop, Managing Director of IFC.
The company stated that, 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.
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