- Portfolio guarantees to support up to 23 renewable energy and storage projects across Africa, the Middle East and Central Asia.
- Framework expected to mobilise US$1.65bn in private investment and deliver 2,766 MW of generation capacity.
- More than 17,000 jobs to be created during construction phase.
The Multilateral Investment Guarantee Agency has signed a landmark framework agreement with AMEA Power to support a portfolio of renewable energy and battery storage projects across emerging markets, marking a strategic shift in the deployment of risk guarantees.
Announced in Washington on April 9, the agreement will enable guarantees of up to US$1.48bn, backing approximately US$1.65bn in equity, quasi equity and shareholder loan investments. The portfolio spans up to 23 projects, including onshore wind, solar photovoltaic and battery energy storage systems across Africa, the Middle East and Central Asia.
The initiative introduces a portfolio based guarantee model, moving away from traditional single project structures. This approach is designed to accelerate project delivery timelines, improve capital deployment efficiency and enhance risk diversification across multiple jurisdictions and technologies.
Phase one of the programme will cover projects in Côte d’Ivoire, Djibouti, Egypt, Jordan, South Africa, Togo, Uganda and Uzbekistan, with additional markets expected to be added in a second phase. Construction activities across the portfolio are projected to create more than 17,000 direct jobs.
Each project will receive up to 15 years of political risk coverage, including protection against currency transfer restrictions, expropriation, war and civil disturbance and breach of contract. Initial guarantees have already been issued for two projects in Egypt, covering more than US$150mn in equity and quasi equity investments.
The portfolio is expected to deliver around 2,766 MW of new generation capacity alongside 2,729 MWh of storage. Several participating countries will benefit from grid scale battery storage for the first time, supporting improved grid stability and enabling higher penetration of renewable energy.
The guarantees are supported by the International Development Association Private Sector Window, highlighting the role of blended finance in mobilising private capital into frontier markets.
According to Tsutomu Yamamoto, the agreement also marks a milestone for the agency, with total guarantees issued since its establishment in 1988 now exceeding US$100bn. He noted that the platform will continue to play a critical role in mobilising cross border investment into developing economies.
Hussain Al Nowais said the framework strengthens the company’s ability to scale investments across high growth markets while mitigating sovereign and political risks. He added that the structure enhances investor confidence by combining diversification, scale and improved visibility on returns.
The programme aligns with the World Bank Group’s Mission 300, which aims to connect 300 million people in Sub Saharan Africa to electricity by 2030.
Energy markets across Africa and other participating regions continue to face structural challenges, including a lack of local sovereign guarantee’s, rising electricity demand and exposure to global commodity price volatility. The MIGA AMEA Power framework is expected to play a key role in addressing these constraints by accelerating investment into resilient and sustainable energy infrastructure.
Author: Bryan Groenendaal
About the World Bank Group Guarantee Platform
Initiated in 2024, the World Bank Group Guarantee Platform consolidates guarantee products and experts from across the World Bank Group at MIGA. It provides a simplified and comprehensive menu of guarantee solutions, enabling clients to select the instrument that best suits their needs. The platform streamlines processes, removes redundancies, and provides greater accessibility by de-risking investments in developing countries. Its goal is to boost the World Bank Group’s annual guarantee issuance to $20 billion by 2030.
