- The OPEC Fund issued a US$37 million loan for Egypt’s 1 GW Abydos II solar-plus-storage project to boost clean power and cut emissions.
- IFC arranged the wider financing, while AMEA Power will build and operate the facility to strengthen Egypt’s grid and accelerate its energy transition.
The OPEC Fund for International Development will provide a US$37 million loan to support Egypt’s renewable energy transition through the Abydos II solar project. The Fund disclosed the financing on Monday, January 19.
The Abydos II development is located in Aswan Governorate in Upper Egypt. The project consists of a 1,000 MW solar photovoltaic plant and a 600 MWh battery energy storage system. Once operational, the facility will supply more than 3 million MWh of clean electricity to the national grid. The project will power more than 500,000 households. It will also reduce about 1.6 million tonnes of carbon dioxide emissions each year.
Furthermore, the International Finance Corporation arranged a US$571.8 million financing package for the project. The OPEC Fund is participating as a parallel lender.
OPEC Fund President Abdulhamid Alkhalifa said the loan supports Egypt’s energy transition and mobilises private investment from the United Arab Emirates. He said the project’s scale and storage component will strengthen grid resilience and diversify the country’s energy mix.
AMEA Power of the UAE is developing the project under a build-own-operate model. The company will develop and operate the project over the long term. The facility will help integrate more renewable energy into Egypt’s power system and improve the country’s ability to meet peak demand.
The Abydos II initiative aligns with the OPEC Fund’s Climate Action Plan. The Fund aims to channel at least US$4 billion into Africa for climate-related infrastructure and private sector development. Egypt remains a long-standing partner of the Fund. Previous support includes the 200 MW Kom Ombo Solar PV Project and the 1.1 GW Suez Energy Wind Project.