AMEA Power signs $1.1bln green energy projects in Egypt

AMEA Power signs $1.1bln green energy projects in Egypt

Dubai-based AMEA Power, a leading renewable energy company in the Middle East, has achieved the financial close to deliver 500MW wind and 500MW solar projects representing $1.1 billion of investment in Egypt.

The deal 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.

Hussain Al Nowais, Chairman of