The Hague, December 18, 2025 – FMO, the Dutch entrepreneurial development bank, is proud to announce its participation in a landmark renewable energy project in Egypt: Abydos II, a 1,000 MW solar PV plant integrated with a 300 MW / 600 MWh Battery Energy Storage System (BESS). This project represents a major step forward in Africa’s energy transition and is part of Egypt’s fast-track 4 GW Emergency Power Programme.
FMO is contributing USD 126.5 million as a parallel lender alongside Deutsche Investitions-und Entwicklungsgesellschaft (DEG), British International Investment (BII), OPEC Fund for International Development, and Europe Arab Bank (EAB). The total financing package amounts to USD 571.8 million, led by IFC. Abydos II is developed by AMEA Power, a long-standing partner of FMO, and Kyuden International Corporation of Japan, marking Kyuden’s first investment in Egypt.
Once operational, Abydos II will be the largest integrated solar and BESS project in Africa, delivering over 3 million MWh of clean electricity annually and reducing carbon emissions by 1.6 million tons per year. The integrated BESS will enable the storage of excess solar energy during peak irradiance and its dispatch during evening demand, ensuring reliable, emission-free power supply. The project’s tariff of 2.8 USDc/kWh is significantly below Egypt’s average generation cost of 7.2 USDc/kWh, easing fiscal pressure on fuel subsidies.
This transaction builds on the success of Abydos I, a 500 MW solar PV and 150 MW / 300 MWh BESS. Initially financed in 2022 for the PV component and later expanded in April 2025 to include the BESS, Abydos I marked FMO’s role in pioneering large-scale renewable energy and storage solutions in Africa. By replicating the innovative structure and documentation of Abydos I, the lenders ensured process efficiency and accelerated timelines, supporting Egypt’s ambitious target of 42% renewable energy by 2030.
Beyond its climate impact, Abydos II will create over 4,000 jobs during construction, with more than 95% of roles for Egyptians, and will contribute to building local expertise in BESS technology.
“Abydos II is a milestone for Africa’s energy transition and a testament to the power of partnerships. By financing the continent’s largest integrated solar and storage projects, FMO reinforces its commitment to climate finance and to supporting Egypt’s green ambitions,” said Marnix Monsfort, Director of Energy at FMO.
This transaction underscores FMO’s strategic focus on green investments, energy access, and innovation in climate solutions, positioning FMO as a key player in unlocking climate finance for emerging markets.
