The financing will support Abydos For Renewable Energy Company SAE in building and operating a 1,000 MW plant in Egypt, integrated with a 600 MWh storage system, contributing to the region’s energy security and green transition
This transaction, the first to use resources from the Africa Fund promoted by the Italian government, benefits from an 80% State guarantee and forms part of international co-financing led by IFC
Supporting Egypt’s energy transition (a focus country under the Mattei Plan), promoting decarbonisation and advancing energy source diversification. These are the objectives of the 110 million euro financing made available by Cassa Depositi e Prestiti (CDP) to Abydos For Renewable Energy Company SAE, a company operating in the renewable energy sector and indirectly controlled by AMEA Power Ltd and Kyuden International Corporation.
This transaction represents the first initiative under the Africa Facility, the new instrument promoted by the Italian government within the framework of the Mattei Plan, which allows CDP to commit up to 500 million euros to companies with a stable presence in Africa, benefiting from an 80% State guarantee.
The financing will be used to build and subsequently operate a 1,000 MW photovoltaic plant, integrated with a 600 MWh storage system in the Aswan Governorate, in southern Egypt. Once completed, the project will be the largest plant in Africa combining photovoltaic generation and energy storage.
The initiative forms part of a broader international co-financing of 571.8 million dollars coordinated by the International Finance Corporation (IFC) of the World Bank Group, with the participation of other international partners including Germany’s Deutsche Investitions (DEG), the Netherlands’ Nederlandse Finan-Maats (FMO), the UK’s British International Investment (BII), the intergovernmental organisation OPEC Fund for International Development (OFID) and Europe Arab Bank.
The project contributes to sustainably meeting Egypt’s growing energy demand, reducing CO₂ emissions by more than 1 million tonnes per year. Moreover, thanks to the technology used, it reduces both dependence on fossil fuel imports and electricity costs through a competitive tariff compared to the national average price.
The transaction is aligned with the objectives of the Mattei Plan and CDP’s 2025-2027 Strategic Plan, strengthening its role in international cooperation, with a particular focus on Africa, and promoting the use of innovative financial instruments to mobilise public and private resources. It also contributes to the energy security of a strategic country and confirms CDP’s role as a catalyst for multilateral investment and a promoter of high socio-environmental impact projects.