OPEC Fund strengthens clean energy development and energy security in Egypt

January 15, 2026: The OPEC Fund for International Development (the OPEC Fund) is supporting Egypt’s renewable energy transition with a US$37 million loan for the Abydos II solar photovoltaic project, one of the country’s largest clean energy developments to date.

Located in the Aswan Governorate in Upper Egypt, the project comprises a 1,000MW solar photovoltaic plant integrated with a 600 MWh battery energy storage system and will supply more than 3 million MWh of clean electricity to the national grid. The OPEC Fund is a parallel lender in the US$571.8 million financing package, arranged by the International Finance Corporation.

OPEC Fund President Abdulhamid Alkhalifa said: 

“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.”

Abydos II is being developed by AMEA Power, a UAE-based renewable energy company, under a Build-Own-Operate structure, under which the company is responsible for developing and operating the facility over the long-term. The new facility will support the integration of renewable energy into Egypt’s power system and improve the ability to meet demand during peak periods.

Once operational, the project is expected to power over 500,000 households, while avoiding approximately 1.6 million tonnes of CO₂ emissions each year. It aligns with the OPEC Fund’s Climate Action Plan and its commitment to scale up financing in Africa, including a target to channel at least US$4 billion to the continent, supporting climate-aligned infrastructure and private sector–led development.

Egypt is a long-standing partner country of the OPEC Fund. In recent years the OPEC Fund has supported landmark renewable energy projects in the country such as the 200 MW Kom Ombo Solar PV Project and the 1.1 GW Suez Energy Wind Project, reinforcing its support for Egypt’s energy transition.

About the OPEC Fund

The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$30 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA+, Outlook Stable by S&P. Our vision is a world where sustainable development is a reality for all.