AMEA Power, the UAE-based developer of solar and wind plants, has reached a 1GW renewable energy deal in Egypt. The business will construct, own, and run the 500MW solar PV plant and 500MW wind farm located in Egypt.

The International Finance Corporation (IFC), a unit of the World Bank Group, the Dutch Entrepreneurial Development Bank, and the Japan International Cooperation Agency are all providing funding for the initiative. The Red Sea Governorate’s 500MW wind farm is being developed concurrently in collaboration with Sumitomo Corporation. This will hold a 40% equity stake in the project.

Also Read: Proposal for construction of 9.2GW solar and wind-powered hydrogen facility in Egypt

Financing for the 1GW renewable energy deal in Egypt

A group of banks, including the IFC, the Japan Bank for International Cooperation, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, and Sumitomo Mitsui Trust Bank are participating as co-lenders under the Nippon Export and Investment Insurance cover to provide the financing.

Both projects have already signed power purchase agreements and usufruct agreements with the Egyptian Electricity Transmission Company and the New and Renewable Energy Authority, respectively.

Chairman of AMEA Power, Hussain, said, “These historic initiatives are a reflection of AMEA Power’s long-term dedication. As well as aspirations and expansion. Through its international and regional relationships, the company is driving the growth of renewable energy across Africa. As well as providing clean energy to millions of people across the continent.”

In addition to the 1GW renewable energy deal in Egypt, AMEA Power also recently inked a framework deal with the Egyptian government on the fringes of the United Nations Climate Change Conference (COP27) in Sharm El-Sheikh. To create a sizable green hydrogen project that will act as a feedstock for the creation of green ammonia. When it is finished, the 1GW plant will be able to export 800,000 tonnes of green ammonia annually.