AMEA Power, a fast growing renewable energy company in the Middle East, announced on 30 November financial close of its project to deliver 1GW of renewable energy projects in Egypt. The 500 MW wind and 500 MW 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 500 MW solar PV plant, which will be located in the Aswan governorate. 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 Co-operation Agency (JICA).
The 500 MW wind farm, located in the Red Sea governorate, is being developed in partnership with Sumitomo Corporation, which will own 40% of the project. Financing is being provided by a consortium of banks, including Japan Bank for International Co-operation (JBIC) and IFC, together with Standard Chartered Bank, Sumitomo Mitsui Banking, and Sumitomo Mitsui Trust Bank participating as co-lenders under Nippon Export and Investment Insurance cover.
Both projects have already secured power purchase agreements with the Egyptian Electricity Transmission Company.
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.
AMEA Power recently signed a Framework Agreement with the Egyptian government, at the United Nations COP27 conference in November, to develop a large-scale green hydrogen project, which will serve as a feedstock for the production of green ammonia. Once completed, the 1GW plant will be able to produce 800 000 tons of green ammonia per year for export.
Image: AMEA Power has achieved financial closure to deliver 1GW of renewable energy projects in Egypt (courtesy of AETOSWire)