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Dubai-based AMEA Power, the Middle East’s leading renewable energy company, has closed financing to deliver a 500MW wind and 500MW solar project, representing a US$1.1 billion investment in Egypt.
The deal brings the company’s clean energy portfolio in the country to 2GW.
AMEA Power will develop, own and operate a 500 MW solar photovoltaic power plant in Aswan, Egypt. The project is being financed by the International Finance Corporation (IFC), which is part of the World Bank Group, the Dutch Development Bank for Entrepreneurship (FMO), and the Japan International Cooperation Agency (JICA).
The 500 MW wind farm in the Red Sea province is being developed in partnership with Sumitomo Corporation, which will own a 40% stake in the project. The financing was provided by a consortium of banks including the Japan Bank for International Cooperation (JBIC) and the International Finance Corporation, with Standard Chartered Bank, Commercial Bank International, Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Trust Bank as co-lenders for Japan Exports and underwriting by Investment Insurance (NEXI).
Both projects have signed a power purchase agreement (PPA) and tenure agreement with the Egyptian Electricity Transmission Company (EETC), and a feasibility study has been completed by the New and Renewable Energy Authority (NREA).
Hussain Al Nowais, Chairman of AMEA Power, said: “These landmark projects reflect AMEA Power’s long-term commitment, ambition and growth. The company is leading the development of renewable energy across Africa and through its global and regional Clean energy is provided to millions of people on the African continent.
“We are proud to have reached this important milestone and to support Egypt’s energy transition journey and efforts to accelerate sustainable development. It would not be possible without the hard work of AMEA power’s world-class team, the support of our project partners, lenders, advisors and Today’s achievements would not have been possible without the cooperation of the Egyptian government.”
These projects will support Egypt’s renewable energy ambitions while supporting economic and social development in the region. The Egyptian government is aiming to increase electricity generation from renewable sources to 42% by 2035.
“These projects underscore the important role the private sector can play in helping deliver clean, affordable electricity, especially in light of the challenges posed by climate change and environmental pressures,” said Cheick-Oumar Sylla, IFC Regional Director for North Africa and the Horn of Africa. It’s time to get bigger.” . “Egypt has ambitious renewable energy targets and we are proud to support AMEA’s expansion into Africa and its partnership with Egypt to accelerate the country’s renewable energy transition.”
AMEA Power also recently signed a framework agreement with the Egyptian government during the United Nations Climate Change Conference (COP27) in Sharm el-Sheikh to develop a large-scale green hydrogen project, which will be used for the production of green ammonia. Once completed, the 1GW plant will be able to produce 800,000 tonnes of green ammonia per year for export.
AMEA Power is rapidly scaling up its investments in wind, solar, energy storage and green hydrogen, demonstrating its long-term commitment to the global energy transition. The company has nearly 6GW of clean energy reserves in 15 countries. – trade arab news agency
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