File Photo: Engineers talk next to photovoltaic solar panels at Benban Solar Park, one of the world s largest solar power plant in the world, in Aswan. AP
The $571.8 million debt package, led by IFC and including funds mobilized from international partners, will finance the Abydos II project, which is expected to produce over three million MWh of clean electricity annually, while dispatching emission-free power during peak evening hours. The project is set to reduce carbon emissions by 1.6 million tons per year, supporting Egypt’s climate targets of cutting power sector emissions by 37 percent and achieving 42 percent renewable energy use by 2030.
Construction of Abydos II is expected to create over 4,000 jobs, with more than 95 percent allocated to Egyptians, marking a major boost to local employment and economic development.
IFC is providing a senior loan of $83.5 million and has mobilized $465.2 million from global partners, including Italy’s CDP, Dutch FMO, Germany’s DEG, British International Investment (BII), the OPEC Fund for International Development, and Europe Arab Bank (EAB). Additional concessional finance comes from the Clean Technology Fund ($20 million) and the MENA Private Sector Development Program ($3.1 million), with IFC as the implementing entity for both.
This new South-South investment builds on previous IFC-AMEA collaborations, including the 500MW Abydos Solar and 500MW Amunet Wind projects in 2022 and Egypt’s first utility-scale battery energy storage system earlier this year. Abydos II also marks Kyuden International Corporation’s first investment in Egypt.
Cheick-Oumar Sylla, IFC’s Division Director for North Africa and the Horn of Africa, emphasized, “This project demonstrates how innovative financing and strong partnerships can scale clean power, create jobs, and foster sustainable economic growth while meeting Egypt’s growing energy needs.”
Egypt’s Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, said the project reflects the country’s commitment to private investment in renewables, delivering clean energy at scale, creating employment, and strengthening the resilience of the energy system.
Abydos II falls under Egypt’s fast-track 4GW Emergency Renewable Energy Programme and aligns with the Nexus of Water, Food, and Energy (NWFE) platform. It also supports the World Bank Group’s Country Partnership Framework for Egypt (FY2023–2027) and the Mission 300 initiative, which aims to expand electricity access and attract private investment across Africa.
Since 2017, the World Bank Group and partners have supported 3.1 GW of solar PV and 2.8 GW of wind projects in Egypt. IFC has played a key role in Egypt’s renewable sector, including the Benban Solar Park, West Bakr Wind project, and twin Abydos Solar and Amunet Wind projects.
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