AMEA Power, an AE-based renewable energy corporation, has reached a $1.1 billion financial close for 1 GW of renewable energy capacity in Egypt. The renewable portfolio includes a 500 MW wind project and a 500 MW solar asset, bringing the company’s clean energy portfolio in the country to 2 GW. The solar project will be financed by the International Finance Corporation (IFC), Dutch Entrepreneurial Development Bank (FMO), and Japan International Cooperation Agency (JICA). 

Furthermore, the 500 MW solar photovoltaic project will be constructed, owned, and operated by AMEA Power in Egypt’s Aswan governorate. In Red Sea Governorate, a 500 MW wind farm will be built in collaboration with Sumitomo Corporation, which will own a 40 per cent interest in the venture. The wind farm is expected to be the largest in Africa once it is finished.

AMEA Power stated that power purchase agreements with the Egyptian Electricity Transmission Company are already in place for both projects (EETC). The wind project will have a consortium of banks acting as co-lenders under Nippon Export and Investment Insurance (Nexi) coverage. These include Japan Bank for International Cooperation (JBIC) and IFC, along with Standard Chartered Bank , Commercial International Bank, Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Trust Bank.