AMEA Power closes renewables deal in Egypt

AMEA Power has financially closed a USD 1.1-billion deal to build more than 1 GW of wind and solar developments to Egypt, the Emirati renewables company announced on Wednesday.

The agreement includes a 560-MW solar park in the southern governorate of Aswan and a 505-MW wind farm on the coast of the Red Sea.

The solar project is being financed by World Bank Group, Dutch Entrepreneurial Development Bank and Japan International Cooperation Agency.

The wind development is being built alongside Sumitomo Corporation with a 40% stake and financed by a consortium of banks including Japan Bank for International Cooperation, World Bank Group, Standard Chartered Bank, Commercial International Bank, Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Trust Bank.

Feasibility studies have been completed and power purchase agreements have been made with Egyptian Electricity Transmission Company.

Construction for both projects is expected to begin in December 2022. The Abydos solar facility is expected to be complete in 18 months and the Amunet wind farm in more than 30 months.

The deal is part of Egypt’s commitment to supply 42% of its power generation from renewables by 2035.