USD 1.1 Billion Invested in Egypt's Largest Solar Plant & Wind Farm
The investment will support UAE’s AMEA Power to build, own and operate the Abydos Solar PV and the Amunet Wind power projects.
The International Finance Corporation (IFC), a member of the World Bank Group, will invest USD 1.1 billion alongside private sector commercial bank partners in the UAE, Japan and the Netherlands to build the largest solar plant and wind farm in Egypt.
The financing package will support UAE-based AMEA Power to build, own and operate the 560MW Abydos Solar PV and the 505MW Amunet Wind power projects, which will reduce Egypt's carbon footprint by 1.7 million tonnes in greenhouse gases per year, and deliver 1 gigawatt of renewable energy at the lowest price in Africa.
The Abydos project will be built near Kom Ombo in Aswan, while the Amunet project will be built in the wind-rich region of the Gulf of Suez. Construction on both projects is expected to begin in December 2022. The solar plant is scheduled for completion in 18 months, while the wind farm will take 30 months to construct.
The IFC has a growing portfolio of over USD 1.2 in investment and advisory projects across Egypt, many of which address key areas such as healthcare, gender and climate finance.