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AMEA Power closes on 1 gigawatt of wind and solar projects in Egypt

November 30, 2022

ReNews.biz:

UAE-based AMEA Power has achieved financial close to deliver 1GW of renewable energy projects in Egypt.

The 500MW wind and 500MW solar projects, represent US$1.1bn (€1.06bn) of investment into the Egyptian economy, it said, and 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).

Both projects have already secured 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.

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.

[Staff Report]

More: UAE developer closes on 1GW of wind, solar projects in Egypt

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