AMEA Power, a renewable energy company in the Middle East, will deliver 1GW of renewable energy projects in Egypt through a $1.1 billion financing package including debt and equity from IFC alongside UAE, Japanese, Dutch, and private-sector commercial bank partners.
The projects include 500MW wind and 500MW solar projects and raise AMEA Power’s clean energy portfolio to 2GW in the country.
“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,” Hussain Al Nowais, Chairman of AMEA Power, said.
AMEA Power will develop, own, and operate the 500 MW solar PV plant, which will be located in the Aswan governorate of Egypt.
The 500MW wind farm will be located in the Red Sea Governorate and is being developed in partnership with Sumitomo Corporation, which will own 40% equity in the project.
Financing is being provided by a consortium of banks, including Japan Bank for International Cooperation (JBIC) and IFC, together with Standard Chartered Bank, Commercial International Bank, Sumitomo Mitsui Banking Corporation, and Sumitomo Mitsui Trust Bank participating as co-lenders under Nippon Export and Investment Insurance (NEXI) cover.
Both projects have already signed power purchase agreements (PPAs) with the Egyptian Electricity Transmission Company (EETC) and usufruct agreements, with the New and Renewable Energy Authority (NREA) and already completed their feasibility studies.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.