AMEA Power, the Middle Eastern renewable energy company, has closed financing on 1GW of renewable energy projects to be deployed in Egypt, constituting a 500MW solar PV plant and a 500MW wind farm.
The projects represent US$1.1 billion of investment, provided by the International Finance Corporation (IFC), which is part of the World Bank Group, the Dutch Entrepreneurial Development Bank and the Japan International Cooperation Agency.
AMEA will handle the development and operation of the solar project, to be located in the Aswan governorate in southern Egypt. The project already has a power purchase agreement in place with the Egyptian Electricity Transmission Company. Usufruct agreements and feasibility studies have also already been completed.
“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, chairman of AMEA Power said.
With these projects, AMEA Power will double its renewable energy capacity in Egypt to 2GW. The country is targeting 42% renewable energy supply by 2032, and earlier this month at the COP27 conference the Egyptian government signed an agreement with the Asian Infrastructure Investment Bank to mobilise investment to deploy 10GW of solar and wind by 2028.
Cheick-Oumar Sylla, IFC regional director for North Africa and Horn of Africa said: “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.”