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Tuesday, May 21, 2024

AMEA Power secures $75 million key financing from SoftBank Group


AMEA Power, one of Africa’s fastest growing renewable energy developers, has signed a US$75 million equity financing agreement with Japanese investment holding company SoftBank Group Corp.

This is AMEA Power’s first external equity financing in many years following its founding shareholder, AlNowais Investments LLC.

SBG’s funding will allow AMEA Power and SBG to explore mutual partnerships to maximize value creation for the group, primarily in the Asia, Middle East and Africa region.

SoftBank’s financing is an all-equity financing. A number of international agencies strategic corporate and financial investors are also evaluating potential investments.

Established in 2016, AMEA Power has assembled a world-class team of industry experts to deliver projects in Africa, the Middle East and other emerging markets.

The company is rapidly expanding investments in wind, solar, energy storage, green hydrogen and desalination, demonstrating its long-term commitment to the global energy transition.

Headquartered in Dubai, AMEA Power has approximately 1.45 GW of generating capacity in operation and under construction, and the company has a clean energy pipeline of nearly 6 GW in 15 countries.

Building on its success in Africa, AMEA Power is now looking to expand into the Middle East, Kazakhstan, Uzbekistan, Azerbaijan and other CIS countries, as well as more areas in Southeast Asia.

As part of its commitment to economic and social development, AMEA Power works closely with local stakeholders to develop programs that promote local community access to our renewable energy projects.

Chairman Hussain Al Nowais said: “We are proud to welcome SBG as a new investor in AMEA Power and to achieve this important milestone together with a cornerstone investor in the global energy transition.”

“The funds raised will allow us to accelerate our strategic ambitions, realize further projects in the power, water and green hydrogen sectors, and continue to further expand our presence in our target markets. AMEA Power is expanding rapidly and is well positioned to lead and accelerate development Perfectly positioned for the global race to net zero emissions,” he added.– trade arab news agency


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