AMEA Horus Battery Energy Storage

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

Provision of senior debt financing of up to USD 61m (the "Loan") in favour of Horus for Battery Energy Storage S.A.E., a special purpose vehicle ("SPV") incorporated in Egypt for the purpose of constructing and operating a standalone 250 MW / 500 MWh battery energy storage system ("BESS") in Zafarana, Egypt (the "Project").

Project ID 56718

Status Exploratory

Location

Egypt

Industry Sector

Energy

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Barbro Ciakudia
info@ameapower.com
+97143107000
https://www.ameapower.com/
Marina Plaza Offices 3301/3302/3303 | Level 33 | Dubai Marina | PO Box 37669

Project ID 56718

Status Exploratory

Location

Egypt

Industry Sector

Energy

Notice Type

Private

Approval Date

28 May 2026

Disclosure date

31 Mar 2026

Project Description

Project Objectives

Together with AMEA Nefertiti BESS (Project ID 56222), the Project represents Egypt's first stand-alone, utility scale energy storage facility. It will significantly enhance grid stability, improve integration of intermittent renewable energy, and support the long-term resilience and decarbonisation of Egypt's power system. The successful implementation of the Project will demonstrate the viability of largeiscale storage solutions and pave the way for further deployment of renewable energy in Egypt.

Transition Impact

ETI score: 75

The Project is expected to deliver strong transition impact by enhancing the resilience and operational flexibility of Egypt's power system through the introduction of standalone BESS capacity, which will enable higher levels of renewable energy integration in the country and is expected to lead to a significant reduction in curtailment to the grid (Resilient). In addition, 100% of the Bank's financing will contribute to Egypt's shift toward a low-carbon energy mix, fully aligning with the objectives of the EBRD's Green Economy Transition (Green).

Client Information

HORUS FOR BATTERY ENERGY STORAGE

Horus for Battery Energy Storage S.A.E. (the "Borrower") is a newly established special project vehicle incorporated in Egypt for the sole purpose of developing and implementing the Project. The Project will be owned, managed and operated by AMEA Power (the "Sponsor").

AMEA Power, the Sponsor, is an experienced international developer of power generation projects founded in 2016, with over 2.6 GW of clean energy projects currently in operation or under construction across Africa, the Middle East, and Asia.

EBRD Finance Summary

USD 60,900,000.00

The EBRD senior loan is expected to be up to USD 61 million to Horus for Battery Energy Storage S.A.E. to finance the Project.

Total Project Cost

USD 144,875,000.00

Total project costs are expected to be up to USD 145 million.

Additionality

Financing structure: the EBRD offers financing that is not available in the market from commercial sources on reasonable terms and conditions. Such financing is necessary to structure the Project. EBRD offers a tenor, which is longer than available to the client in the market on reasonable terms and conditions.

Risk mitigation:EBRD's involvement in the Project is additional due to the Bank's experience and track record with similar projects in Egypt and other countries of operation ("CoOs") which provides comfort to clients and investors, financial or strategic, by mitigating non-financial risks, such as country, regulatory, project, economic cycle or political risks.

Environmental and Social Summary

Categorised B, the Project comprises of a 250 MW / 500 MWh battery energy storage system ("BESS") located next to Zafarana Wind Farm, Suez Governorate. The Project aims to store excess energy during low demand and discharge during peak periods, enhancing grid stability and supporting Egypt's renewable energy targets under its Integrated Sustainable Energy Strategy 2035. The facility will operate under a 20-year Capacity Purchase Agreement with the Egyptian Electricity Transmission Company ("EETC"). Construction is scheduled to begin by end Q2 2026, with commercial operation expected in 2027.

An external Environmental and Social Due Diligence ("ESDD") was conducted by an external consultant including both desktop review, field review and stakeholder visits. A draft report has been produced including a comprehensive Environmental and Social Action Plan ("ESAP") and a Stakeholder Engagement Plan ("SEP") and a Non-Technical Summary ("NTS") which are under review by the Bank and client. Once finalised, the ESAP will be part of the loan agreement and the SEP and NTS will be disclosed. AMEA Power has a robust corporate ESG framework, including ISO-certified Quality, Health, Safety, and Environment ("QHSE") systems (ISO 9001, 14001, 45001) and comprehensive policies on environment, health and safety, social sustainability, gender equality, and anti-corruption. Strong contractual mechanisms are in place through employer environmental and social ("E&S") requirements, mandating Engineering, Procurement and Construction ("EPC") contractors to implement Project-specific Environmental and Social Management Systems ("ESMS") and detailed management plans. These measures are further strengthened in the ESAP through introduction of further internal and external controls of the EPC contractor and subcontractors though extension of the client's and the EPC contractor's E&S organisational capacity, development of clear KPIs and improvement of E&S requirements ("ESRs") to be included in contracts in line with ESP ESRs as well as regular third party monitoring and audit though construction and operation of the Project.

The Project is expected to generate minimal air emissions and resource demands during both construction and operation phases, with mitigation measures defined for dust suppression, noise control, and water conservation. Baseline assessments and surveys confirm low biodiversity sensitivity and negligible sea level rise / riverine flood and seismic risk. However, additional urban flash flood risk controls are required, including temporary and permanent drainage channels and a water dike to deflect peak flows away from sensitive assets. While no greenhouse gas ("GHG") assessment is planned, sealed BESS units may contain refrigerants and insulative gases with high global warming potential (e.g., SFi), which will require careful handling during decommissioning. A Site Closure and Rehabilitation Plan ("SCRP") will be developed to ensure safe dismantling, segregation, and recycling of battery components and ancillary infrastructure in accordance with international best practice. These measures are included in the ESAP. Adequate waste management measures are also included in both management systems and plans of the Project including use of certified disposal facilities.

A tailored Labour and Working Conditions Management Plan will be implemented by the EPC contractor, covering recruitment processes and support measures for local procurement and employment, employment contracts, grievance mechanisms, and explicit protections against child and forced labour. Gender equality and gender-based violence and harassment ("GBVH") prevention measures will be embedded through a dedicated Gender Action Plan and GBVH Management Plan, supported by awareness training and confidential reporting channels. A detailed E&S training plan is requested within the ESAP supported with a close third-party independent monitoring of labour and working conditions.

The Project site is located on state-owned land formally designated for renewable energy development under usufruct arrangements managed by the New and Renewable Energy Authority ("NREA"). No physical or economic displacement is anticipated, and consultations confirm the absence of competing land uses or historical claims. Therefore, no resettlement impacts were identified. A comprehensive SEP has been developed for the Project, outlining inclusive engagement with local communities, government entities, NGOs, and vulnerable groups throughout construction and operation as well as a solid grievance management.

Green assessments

Paris Agreement alignment

The Project is considered to be aligned with both the mitigation and adaptation goals of the Paris Agreement, based on the application of the EBRD's Paris alignment approach for directly financed investments.

The project is aligned with mitigation goals of the Paris Agreement as it features on the joint MDB aligned list under the category "Energy storage or measures to improve network stability or flexibility that increase consumption of very-low carbon energy".

Material physical climate risks were identified for the project and were found to be either nonmaterial upon further investigation or sufficiently managed via mitigating measures. The project does not contravene national policies for adaptation or the climate resilience of the wider system. It is, therefore, aligned with the adaptation goals of the Paris Agreement.

Green finance attribution

100% of EBRD's financing is classified as green finance, as it supports activities that contribute to climate mitigation. The attribution is made in line with the methodology used to determine the green finance attribution of EBRD investments, and specific guidance in line with "Energy storage or measures to improve network stability or flexibility that increase consumption of very-low carbon energy" criteria.

Technical Cooperation and Grant Financing

N/A

Company Contact Information

Barbro Ciakudia
info@ameapower.com
+97143107000
https://www.ameapower.com/
Marina Plaza Offices 3301/3302/3303 | Level 33 | Dubai Marina | PO Box 37669

PSD Last Updated

31 Mar 2026

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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AMEA Horus Battery Energy Storage

Overview

Project timeline

Company Contact Information

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Total Project Cost

Additionality

Green assessments

Technical Cooperation and Grant Financing

Company Contact Information

PSD Last Updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)