AMEA Power Closes Financing of 1 GW Solar, Wind Project for US$1.1 Bn in Egypt

AMEA Power, a Dubai-based developer, owner and operator of renewable generation assets, has closed the financing of 1 GW of renewable energy projects.  The projects, which are to come up in Egypt, entail a 500 MW solar PV plant and a 500 MW wind farm.

The US$1.1 billion investment for the project has been provided by the International Finance Corporation (IFC), the Dutch Entrepreneurial Development Bank and the Japan International Cooperation Agency.

The solar development and operation of the solar project, to be looked into by AMEA, will be established in Aswan governorate in southern Egypt. There is already a PPA for the project with the Egyptian Electricity Transmission Company. Additionally, Usufruct agreements as well as feasibility studies have reached completion.

“These landmark projects reflect the long-term commitment, ambition and growth of AMEA Power. The company is leading the development of renewable energy across Africa, which through its global and regional partnerships, will deliver clean energy to millions of people around the continent,” Hussain Al Nowais, the Chairman of AMEA Power said.

The addition of these projects to its profile, AMEA Power will be able to ramp up its renewable energy capacity to twice the current size, that is, 2 GW.

By 2032, Egypt is looking at achieving the target of 42 per cent renewable supply. Early in the month of November, at the COP27 conference, the government of Egypt entered into an agreement with the Asian Infrastructure Investment Bank. This initiative will pave the way for the mobilisation of  investment towards the deployment of 10 GW of solar and wind by 2028.

Cheick-Oumar Sylla, IFC Regional Director for North Africa and Horn of Africa stated, “These projects highlight the private sector’s essential role helping to deliver clean, affordable power, especially at a time of growing challenges from climate change and pressures on the environment.”