DUBAI, United Arab Emirates–(BUSINESS WIRE)–AMEA Energy, one of many quickest rising renewable power firms within the Center East, introduced in the present day that it has reached monetary near ship 1GW of renewable power initiatives in Egypt. The landmark 500MW wind and 500MW photo voltaic initiatives, characterize a US$1.1 billion funding within the Egyptian economic system and convey the Firm’s clear power portfolio to 2GW within the nation.
AMEA Energy will develop, personal and function the 500MW photo voltaic PV plant, which shall be situated in Aswan governorate in Egypt. The Undertaking is funded by the Worldwide Finance Company (IFC), a part of the World Financial institution Group, the Dutch Entrepreneurial Improvement Financial institution (FMO) and the Japan Worldwide Cooperation Company (JICA).
The 500MW wind farm, situated within the Crimson Sea Governorate, is being developed in partnership with Sumitomo Company, who will personal 40% fairness within the Undertaking. The financing was supplied by a consortium of banks, together with Japan Financial institution for Worldwide Cooperation (JBIC) and IFC, with Customary Chartered Financial institution, Sumitomo Mitsui Banking Company, and Sumitomo Mitsui Belief Financial institution collaborating as co-lenders beneath Nippon Export. and Funding Insurance coverage (NEXI) cowl.
Each initiatives have obtained Energy Buy Agreements (PPAs) with the Egyptian Electrical energy Transmission Firm (EETC) and Usufruct Agreements, with the New and Renewable Power Authority (NREA) having accomplished its feasibility research.
Hussain Al Nowais, Chairman of AMEA Energy, stated: “These landmark initiatives reveal the long-term dedication, ambition and development of AMEA Energy. The Firm is main the event of renewable power throughout Africa, which by its international and regional partnerships, will present clear power to thousands and thousands of individuals. individuals throughout the continent.
“We’re proud to have reached this necessary milestone and help Egypt in its power transition journey and drive to speed up sustainable growth. Right this moment’s success wouldn’t be attainable with out the arduous work of AMEA energy’s world class group, the help of our venture companions, lenders, advisors and the cooperation of the Egyptian authorities.
The initiatives will help Egypt’s renewable power ambitions, together with supporting financial and social growth inside the area. The Egyptian authorities is working to extend electrical energy provide from renewable sources as much as 42% by 2035.
“These initiatives spotlight the necessary position of the personal sector in serving to to ship clear, inexpensive energy, particularly at a time of accelerating challenges from local weather change and environmental pressures,” stated Cheick-Oumar Sylla, IFC Regional Director for North Africa and the Horn of Africa. “Egypt has bold renewable power targets and we’re proud to help AMEA’s growth in Africa in addition to its partnership with Egypt to speed up the nation’s renewable power transition.”
AMEA Energy additionally lately signed a Framework Settlement with the Authorities of Egypt, on the sidelines of the United Nations Local weather Change Convention (COP27) in Sharm El-Sheikh, to develop a big inexperienced hydrogen venture, which can function feedstock for the manufacturing of inexperienced ammonia. As soon as accomplished, the 1GW plant will be capable to produce 800,000 tonnes of inexperienced ammonia per 12 months for export.
AMEA Energy is quickly increasing its investments in wind, photo voltaic, power storage and inexperienced hydrogen, demonstrating a long-term dedication to the worldwide power transition. The Firm has a clear power pipeline of practically 6GW in 15 nations.
About AMEA Energy
Headquartered in Dubai, AMEA Energy is a developer, proprietor and operator of renewable power initiatives. As one of many quickest rising renewable power firms within the area, the corporate is quickly increasing its investments in wind, photo voltaic, power storage and inexperienced hydrogen, demonstrating its long-term dedication to international power switch. AMEA Energy has assembled a world class group of trade specialists to ship initiatives throughout Africa, the Center East and different rising markets.
*Supply: AETOSWire
