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UAE’s AMEA Power to deploy renewable energy projects in Egypt with $1.1bn investments

UAE’s AMEA Power to deploy renewable energy projects in Egypt with $1.1bn investments
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Cairo – Mubasher: Egypt’s Prime Minister, Mostafa Madbouly, has witnessed the signing ceremony of financial closure agreements between UAE’s AMEA Power and a number of international financing institutions at $1.10 billion.

AMEA Power will implement two renewable energy projects in Egypt with a production capacity of 1GW, according to an official statement.

Hussain Al Nowais, Chairman of AMEA Power, said his company will build, manage, and operate the two plants, adding that the first 500MW solar PV plant is situated in Aswan governorate with $500 million investments. This project is being financed by the International Finance Corporation (IFC), a member of the World Bank Group, the Dutch Entrepreneurial Development Bank (FMO), and the Japan International Cooperation Agency (JICA).

Situated in the Red Sea governorate, the second plant is one of the largest wind farms in the African continent with a production capacity of 500MW and investments of up to $800 million. Financing is being provided by a consortium of banks, including IFC, Japan Bank for International Cooperation (JBIC), Standard Chartered Bank, Sumitomo Mitsui Banking Corporation (SMBC), and Sumitomo Mitsui Trust Bank participating as co-lenders under Nippon Export and Investment Insurance (NEXI) cover.

The two projects with provide clean energy to more than 687,000 families in Egypt, contributing to cutting some 2.20 million tonnes of carbon emissions annually.