To deliver 1 GW of renewable energy projects in Egypt, UAE-based AMEA Power has reached a financial close.
The 500 MW wind and 500 MW solar projects, it added, will inject US$1.1 billion (€1.06 billion) into the Egyptian economy and bring the company’s clean energy portfolio to 2 GW.
The 500 MW solar PV plant, which will be situated in Egypt’s Aswan governorate, will be developed, owned, and run by AMEA Power.
The International Finance Corporation (IFC), a unit of the World Bank Group, the Dutch Entrepreneurial Development Bank (FMO), and the Japan International Cooperation Agency are funding the project (JICA).
The Red Sea Governorate’s 500 MW wind farm is being developed in collaboration with Sumitomo Corporation, which will own a 40% equity stake in the venture.
Under Nippon Export and Investment Insurance (NEXI) protection, a group of institutions, including Japan Bank for International Cooperation (JBIC) and IFC, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, and Sumitomo Mitsui Trust Bank, are providing the financing.
The Egyptian Electricity Transmission Company (EETC) and usufruct agreements have already been signed for both projects, and the New and Renewable Energy Authority (NREA) has already finished its feasibility assessments.
Hussain Al Nowais, the chairman of AMEA Power, said, “These major projects demonstrate AMEA Power’s long-term dedication, ambition, and progress. Through its international and regional relationships, the company is driving the growth of renewable energy across Africa, providing clean energy to millions of people across the continent. We are honored to have reached this critical milestone and to be assisting Egypt in its effort to hasten sustainable development and energy transition. Without the dedication of AMEA Power’s elite staff, the assistance of our project partners, financiers, advisors, and the cooperation of the Egyptian government, today’s accomplishment would not have been possible.”
The initiatives will promote regional economic and social advancement as well as Egypt’s goals for renewable energy.
By 2035, the Egyptian government hopes to have 42% of its electricity supply come from renewable sources.
