EBRD considers $223.5mn financing for AMEA Power to complete Egypt battery storage projects

The European Bank for Reconstruction and Development (EBRD) is considering providing up to $223.5mn (€193mn) in financing to UAE-based AMEA Power to support the development of large-scale battery energy storage projects in Egypt, Renewables Now reported on April 1.

The funding would back two battery energy storage system (BESS) projects with a combined capacity of 750 MW/1,500 MWh, aimed at strengthening grid stability and enabling greater integration of renewable energy.

AMEA Power has applied for two senior loans through separate project vehicles, including a facility of up to $162.5mn and another of up to $61mn. Both proposals are currently under review, with a decision expected by May 28, 2026.

The larger portion of the financing is intended for the Nefertiti BESS project in Benban, Aswan governorate. The 500 MW/1,000 MWh facility will be part of a broader energy complex and is expected to cost around $296.9mn.

Meanwhile, the smaller Horus BESS project, with a capacity of 250 MW/500 MWh, will be developed in Zafarana on the Gulf of Suez. The project carries an estimated investment cost of $145mn, with the EBRD potentially contributing up to $61mn.

Together, the Nefertiti and Horus projects are expected to form Egypt’s first standalone utility-scale battery storage system, marking a significant step in the country’s transition towards a more flexible and renewable-based energy system.

Egypt’s updated energy strategy targets a 42% share of electricity from renewable sources by 2030 and 60% by 2040, supported by over $60bn in planned investments to transform the country into a global hub for green hydrogen and regional electricity interconnection.

The EBRD has invested over €14.3bn in Egypt since 2012, with recent 2025–2026 operations focusing on a record €1.3bn annual investment that prioritises the private sector, green energy infrastructure through the NWFE initiative, and digital expansion such as 5G licensing.