AMEA Power Reaches Financial Close for 1GW of Wind and Solar Energy in Egypt

  • The 500-megawatt PV plant will be developed, owned and operated by AMEA Power.
  • The 500-megawatt wind farm will be the largest in Africa.
  • The project takes AMEA Power’s clean energy portfolio to 2-gigawatts in Egypt.

AMEA Power has announced that it has achieved the financial close to deliver 1GW of renewable energy projects in Egypt. The landmark 500MW wind and 500MW solar projects, represent US$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 develop, own and operate the 500MW solar PV plant, which will be located in the Aswan governorate of Egypt. The Project is being financed by International Finance Corporation (IFC), part of the World Bank Group, 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, who 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 secured Power Purchase Agreements (PPAs) with the Egyptian Electricity Transmission Company (EETC) and Usufruct Agreements, with the New and Renewable Energy Authority (NREA) having already completed its feasibility studies.

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% by 2035.

Author: Bryan Groenendaal

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