Amea Power will build a $350 million stand-alone battery storage project in Egypt as the UAE-based renewable energy developer continues to expand its operations in the country, a senior executive said.
The 1,500-megawatt-hour battery energy storage system will be split between two locations: 1,000 megawatt-hours will be installed in Benban, home to the largest solar park in Africa, while 500 megawatt-hours will be located in the Red Sea town of Zafaranna, Mahabir Sharma, Amea Power’s chief technical officer told The National.
An initial purchase power agreement has been signed between Amea Power and the Egyptian Electricity Transmission Company. A binding agreement will be signed in “one or two weeks” for the battery project, which is expected to be completed by March 2027, he said.
Amea Power, with over two gigawatts of renewable energy projects either completed or under development in Egypt, is open to partnering on the BESS project, Mr Sharma said.
“Initially, we will be handling it on our own, but we are always looking for a good partner to do the project,” he said.
Hydrogen plans
In 2022, Amea Power signed a framework agreement with the Egyptian government to develop a 1,000-megawatt green hydrogen project for exporting green ammonia.
The company is conducting feasibility studies for the project and negotiating with potential offtakers, Mr Sharma said, adding that Europe is probably the main market due to its proximity to Egypt.
“We have to save on the transportation cost of ammonia,” he said.
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The executive’s remarks come as the global green hydrogen industry faces growing uncertainty due to a lack of buyers, high prices compared with fossil fuel-derived alternatives, and the rollback of policy support in crucial markets such as the US.
Hydrogen will always be in demand for industries such as steel and fertiliser, but the key factor for green hydrogen’s success is its economic viability, which depends on lower renewable energy prices and government support, Mr Sharma said.
In parts of Europe, green hydrogen costs around €5.5 ($5.73) per kilogram, compared with only €1.6 per kilogram for grey hydrogen, which is produced using natural gas, ING Research said in a report last year.
Meanwhile, in the US, green hydrogen is costlier than grey by €1.85 per kilogram.
Power crisis
Egypt, which faced a gas shortage and rolling power cuts last summer, is accelerating the adoption of renewable energy, industry sources told The National at the Abu Dhabi Sustainability Week this month.
“There’s a big push from the government to sign more and more renewable power,” Mr Sharma said.
Egypt aims to increase renewable energy’s share of its electricity generation mix to 42 per cent by 2030, up from about 12 per cent currently.
China's Trinasolar recently partnered with Amea Power to supply its energy storage system for a major solar project in the North African country, marking its first energy storage initiative in the region.
The Arab world's third-largest economy has “big potential”, thanks to a “stable” political environment and a large population, Vincent Wu, president and head of Trinasolar Middle East and Africa region told The National earlier this month.
Meanwhile, Amea Power is currently in discussions with a “select group of investors” to sell a stake in the company, Mr Sharma said. He did not disclose the expected size of the transaction. The company is in the due diligence phase, he added, noting that Amea Power would remain the majority owner.
In 2023, Amea Power closed a $75 million equity funding round from Japan’s SoftBank.