AMEA Power completes $1.1bln deal to deploy 1GW renewable energy in Egypt

AMEA Power completes $1.1bln deal to deploy 1GW renewable energy in Egypt

DUBAI - AMEA Power, one of the fastest growing renewable energy companies in the Middle East, announced today that it has achieved a financial close to deliver 1 GigaWatts (GW) of Wind and Solar Energy projects in Egypt.

The landmark 500 MegaWatts (MW) 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 build, 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 percent 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, 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