Scatec and AMEA Power Secure Financing for Major Battery Energy Storage Projects in Egypt

**Egypt: Scatec and AMEA Power Secure Financing for Large-Scale Battery Storage**

The recent financial closure of two major large-scale projects in Egypt signifies a notable advancement for the country’s emerging energy storage sector. Developers Scatec and AMEA Power have both reached this important milestone for their respective projects in the past few days.

Norway-based Scatec has secured financing for a gigawatt-scale solar PV plant that will integrate a battery energy storage system (BESS). Meanwhile, UAE-based AMEA Power has finalized financing for retrofitting an existing solar PV plant with BESS technology.

### AMEA Power’s 300MWh BESS Addition

On June 15, AMEA Power announced via LinkedIn that it has successfully obtained **US$72 million** from the World Bank’s International Finance Corporation (IFC) to fund the integration of a **300MWh** BESS into its **500MW** Abydos Solar Project, located in the Aswan Governate, approximately **960km south** of Cairo. The financing documents were signed at a ceremony attended by notable figures, including Egypt’s Prime Minister Mostafa Madbouly and Minister for Electricity and Renewable Energy, Dr. Mahmoud Esmat.

AMEA Power commissioned the Abydos solar PV plant back in December, with the prior attendance of Madbouly and Esmat at the inauguration ceremony. The solar segment of the Abydos project was financed by the IFC, along with other development finance institutions such as the Dutch Entrepreneurial Development Bank (FMO) and the Japan International Cooperation Agency (JICA). JA Solar provided the solar PV modules for the project, utilizing their DeepBlue 3.0 technology, which features proprietary ‘Gapless Flexible Interconnection’ technology. Additionally, Trinasolar will supply the BESS technology, utilizing its Elementa 2 lithium iron phosphate (LFP) containerized BESS solution, in collaboration with Energy China ZTPC, a subsidiary of the state-owned Energy China Construction Group.

### Scatec’s 200MWh BESS at the Obelisk Project

On the same day, Scatec, along with development finance institutions such as the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), and British International Investment (BII), announced non-recourse financing for the **Obelisk solar-plus-storage project**. This project financing totals **US$479.1 million**, covering **80%** of the expected **US$590 million** capital expenditure. This announcement follows Scatec’s previous raising of **US$120 million** in equity bridge loans for the project.

Scatec will also oversee engineering, procurement, construction (EPC), as well as asset management and operations and maintenance (O&M) for the project. The Obelisk facility will be developed in two phases: the first phase involves the installation of **561MW** of solar PV with **100MW/200MWh** of battery storage, while the second phase will add an additional **564MW** of solar capacity. The site will be located in the Nagaa Hammadi region on the western bank of the Nile River, about **360km north** of Aswan.

### Power Purchase Agreements (PPAs)

In both projects, developers have signed **25-year power purchase agreements (PPAs)** with the Egyptian Electricity Transmission Company (EETC) as of September last year. Established in 1976, EETC is a subsidiary of the national utility Egyptian Electricity Holding Company and is responsible for managing power plants and transmission and distribution (T&D).

Furthermore, AMEA Power has secured additional PPAs for other large-scale storage projects with the national electricity company: one for a **1GW** solar PV plant with **600MWh** of BESS in Aswan, and two contracts for standalone BESS projects totaling **1,500MWh**, signed earlier this year. These initiatives will mark Egypt’s first large-scale battery storage implementations, promoting the diversification of the energy mix and the integration of renewable energy resources.

As highlighted by EBRD, Egypt aims for **42%** of its power mix to derive from renewable sources by **2030**. As of April 2025, the country’s clean electricity share is approximately **11%**, with hydroelectric power being the largest contributor at **6%**. Solar and wind energy together account for about **4.8%** of the electricity mix, which is notably lower than the global average of **15%**.

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