UAE-based leading renewable energy company, AMEA Power has achieved a financial close to deliver 1 Gigawatt (GW) of wind and solar energy projects in Egypt.
The landmark 500 MegaWatts (MW) wind and 500MW solar projects, represent $1.1 billion of investment into the Egyptian economy and takes the Company’s clean energy portfolio to 2GW in the country.
AMEA Power will build, own and operate the 500MW solar PV plant, which will be located in the Aswan governorate of Egypt.
The project is being financed by the International Finance Corporation (IFC), part of the World Bank Group, the Dutch Entrepreneurial Development Bank (FMO), and the Japan International Cooperation Agency (JICA).
The 500MW wind farm, located in the Red Sea Governorate, is being developed in partnership with Sumitomo Corporation, which will own 40 percent equity in the project.
According to the statement, “Financing is being provided by a consortium of banks, including Japan Bank for International Cooperation (JBIC) and IFC, together with Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, and Sumitomo Mitsui Trust Bank participating as co-lenders under Nippon Export and Investment Insurance (NEXI) cover.”
“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. We are proud to reach this significant milestone and to be supporting Egypt in its energy transition journey and drive to accelerate sustainable development. Today’s achievement would not have been possible without the hard work of AMEA power’s world-class team, the support of our project partners, lenders, advisors, and the cooperation of the Egyptian government.”
The projects will underpin the renewable energy ambitions of Egypt, along with supporting economic and social development within the region. The Egyptian government is working towards increasing the supply of electricity generated from renewable sources to 42 percent by 2035.
Recently, AMEA Power signed a Framework Agreement with the Egyptian Government, on the sidelines of the United Nations Climate Change Conference (COP27), to develop a large-scale green hydrogen project, which will serve as a feedstock for the production of green ammonia.
Once completed, the 1GW plant will be able to produce 800,000 tons of green ammonia per year for export, as per the statement.