FMO participates in the historic Abydos II project, a 1,000 MW solar PV plant with BESS in Egypt, enhancing clean energy production and supporting Egypt's renewable energy commitments.

Target Information

The target of this deal is the Abydos II project, which is a state-of-the-art 1,000 MW solar photovoltaic (PV) plant integrated with a 300 MW / 600 MWh Battery Energy Storage System (BESS) located in Egypt. This project represents a significant advancement in Africa’s renewable energy landscape and is a crucial part of Egypt’s ambitious 4 GW Emergency Power Programme. The project, once operational, is poised to become the largest of its kind in Africa, generating over 3 million MWh of clean electricity annually and substantially reducing carbon emissions by approximately 1.6 million tons each year.

Abydos II is being developed by AMEA Power in collaboration with Kyuden International Corporation from Japan, marking Kyuden's inaugural investment in the Egyptian market. The financing for this venture amounts to USD 571.8 million, with FMO contributing USD 126.5 million as part of a consortium of lenders, which includes prominent institutions such as Deutsche Investitions-und Entwicklungsgesellschaft (DEG), British International Investment (BII), OPEC Fund for International Development, and Europe Arab Bank (EAB).

Industry Overview in Egypt

Egypt is strategically positioning itself as a leader in renewable energy in Africa, driven by government initiatives aimed at achieving 42% renewable energy in its energy mix by 2030. The country's favorable geographical conditions, combined with abundant solar resou