UAE programmer closes on 1GW of wind, solar projects in Egypt

• AMEA Power said both 500MW schemes represent a US$ 1.1 bn investment in the country's economy

UAE-based AMEA Power has actually achieved monetary close to provide 1GW of renewable energy projects in Egypt.

The 500MW wind as well as 500MW solar projects, represent US$ 1.1 bn (EUR1.06 bn) of investment into the Egyptian economy, it claimed, and takes the company's clean power portfolio to 2GW in the country.

AMEA Power will certainly establish, own as well as run the 500MW solar PV plant, which will certainly be found 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 also the Japan International Cooperation Agency (JICA).

The 500MW wind ranch, located in the Red Sea Governorate, is being established in partnership with Sumitomo Corporation, who will own 40% equity in the project.

Funding is being offered by a consortium of banks, including Japan Bank for International Cooperation (JBIC) and IFC, along with Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, and Sumitomo Mitsui Trust Bank getting involved as co-lenders under Nippon Export and Investment Insurance (NEXI) cover.

Both projects have actually currently protected PPAs with the Egyptian Electricity Transmission Company (EETC) and Usufruct Agreements, with the New and Renewable Energy Authority (NREA) having actually already completed its usefulness researches.

Chairman of AMEA Power Hussain Al Nowais stated: "These landmark projects reflect the lasting commitment, ambition as well as development of AMEA Power.

" The company is leading the development of renewable energy throughout Africa, which via its worldwide and regional partnerships, will deliver clean energy to countless people around the continent.

" We are proud to reach this substantial milestone and to be supporting Egypt in its energy transition trip as well as drive to speed up lasting development.

" Today's achievement would not have actually been possible without the hard work of AMEA power's top quality team, the assistance of our project partners, lending institutions, experts as well as the cooperation of the Egyptian federal government."

The projects will certainly underpin the renewable energy ambitions of Egypt, along with supporting economic and social development within the area.

The Egyptian government is working towards raising the supply of electricity created from renewable sources to 42% by 2035.