AMEA Power, one of the fastest-growing renewable energy companies in the Middle East, has achieved the financial close to deliver 1 gigawatt (GW) of renewable energy projects in Egypt. The landmark 500 megawatts (MW) wind and 500MW solar projects, represent $1.1 billion of investment into the Egyptian economy 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 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, which will own 40 percent equity in the Project. Financing is being provided by a consortium of banks, including Japan Bank for International Cooperation (JBIC) a