UAE’s AMEA Power to establish 2 renewable energy plants in Egypt with $1.1bln investments

UAE’s AMEA Power to establish 2 renewable energy plants in Egypt with $1.1bln investments

UAE’s AMEA Power, one of the fastest growing renewable energy companies has achieved the financial close to deliver 1GW of renewable energy projects in Egypt. The landmark 500 MW wind and 500MW solar projects, represent $1.1bn of investment into the Egyptian economy and takes the Company’s clean energy portfolio to 2GW in the country.

Egypt’s Prime Minister Mostafa Madbouly witnessed the signing ceremony of the financial closure agreements between the Emirati company, AMEA Power and a number of international financing institutions.

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.

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