- The project received USD100 million (approximately ZAR1,800 million) debt funding from Standard Bank South Africa, while the Industrial Development Corporation provided equity funding of USD8 million (approximately ZAR150 million) to the local partners, Ziyanda Energy and Dzimuzwo Energy.
- The project was first awarded to a consortium consisting of AMEA Power and local partners through Bid Window 6 of the Renewable Energy Independent Power Producer Procurement Program (REIPPPP).
AMEA Power, one of the fastest growing renewable energy companies based in the Middle East, announced today it has reached financial close on its 120MW Doornhoek Solar Photovoltaic (PV) Project located in South Africa. When commissioned, the US$120 million project will be the company’s first operational asset in the country.
AMEA Power is the majority shareholder in the 120MW solar pv project, and had partnered with Ziyanda Energy and Dzimuzwo Energy, which are wholly owned by African women. The project was first awarded to the consortium through Bid Window 6 of the REIPPPP. Standard Bank South Africa provided the debt funding of USD100 million (approximately ZAR1,800 million) to AMEA Power, while Industrial Development Corporation provided the USD8 million (approximately ZAR150 million) of equity funding to the local partners.
The company had signed a Power Purchase Agreement with Eskom on April 30th, 2024.
The 120MW Doornhoek Solar PV Project is located near the town of Klerksdorp in the North Western Province, and will generate 325GWh of clean energy, power an estimated 97,000 households and offset 330,000 tonnes of carbon emissions annually. The project is expected to commence commercial operations by December 2025.
As part of AMEA Power’s “Community Investment and Development Program”, the company will implement initiatives aimed at benefiting the socio-economic growth and development of the local community, which are aligned with the United Nations’ Sustainable Development Goals.
Author: Bryan Groenendaal
