United Arab Emirates-based AMEA Power, along with the World Bank-owned International Finance Corporation and Kyuden International Corporation of Japan, announced on Thursday that they will build and finance a large-scale solar power plant and a battery energy storage system that will significantly increase energy access across Egypt.

What happened: A statement from IFC said it would be structuring and sourcing the $571.8 million debt package to finance the project. The funds will be provided to Egyptian firm Abydos for Renewable Energy to build and operate Abydos II, a 1,000 megawatt solar power plant with an integrated 600 megawatt-hour battery energy storage system. The solar plant will be in southern Egypt’s Aswan Governorate.

IFC said the project will provide clean energy at one of the lowest tariffs in Egypt. Abydos II will churn out more than 3 million MWh annually. IFC said the project will cut carbon emissions by nearly 1.6 million tons a year and is expected to create more than 4,000 jobs, with over 95% planned to go to Egyptians.

The Washington-based multilateral lender said it was providing a senior loan of $83.5 million and has mobilized an additional $465.2 million from international banks, including Italy’s Cassa Depositi e Prestiti, Dutch Entrepreneurial Development Bank, Deutsche Investitions-und Entwicklungsgesellschaft, British International Investment, OPEC Fund for International Development and Europe Arab Bank. The remaining $23.1 million in financing is covered by two blended finance facilities.