OPEC Fund Supports Egypt’s Clean Energy Push with $37 Million Loan for Abydos II Solar Project

The OPEC Fund for International Development (OPEC Fund) is providing a US$37 million loan to support Egypt’s renewable energy transition through the Abydos II solar photovoltaic (PV) project, one of the country’s largest clean energy initiatives to date.

Located in the Aswan Governorate in Upper Egypt, the Abydos II project features a 1,000 MW solar PV plant integrated with a 600 MWh battery energy storage system. Once operational, the facility is expected to supply over 3 million MWh of clean electricity to the national grid, powering more than 500,000 households and reducing annual CO₂ emissions by approximately 1.6 million tonnes.

The US$571.8 million financing package for the project was arranged by the International Finance Corporation (IFC), with the OPEC Fund acting as a parallel lender.

OPEC Fund President Abdulhamid Alkhalifa stated, “By supporting this landmark project, the OPEC Fund is advancing Egypt’s renewable energy transition while facilitating private sector investment from our member country, the United Arab Emirates, into a key partner economy. The scale of the investment and the integration of battery storage will help strengthen grid resilience, support a more diversified energy mix, and contribute to sustainable growth.”

The project is being developed by UAE-based AMEA Power under a Build-Own-Operate (BOO) structure, with the company responsible for both developing and operating the facility over the long term. The facility is designed to support the integration of renewable energy into Egypt’s power system and improve the country’s capacity to meet demand during peak periods.

The Abydos II initiative aligns with the OPEC Fund’s Climate Action Plan and its target to channel at least US$4 billion into Africa to support climate-aligned infrastructure and private sector–led development. Egypt has been a long-standing partner of the OPEC Fund, which has previously supported major renewable projects including the 200 MW Kom Ombo Solar PV Project and the 1.1 GW Suez Energy Wind Project.