AMEA Power receives the award for its 500MW PV plant and 500MW wind farm in Egypt
The large scale projects have reached financial close and represent US$1.1 billion of investment
Dubai, United Arab Emirates; February 23, 2023: AMEA Power, one of the fastest growing renewable energy companies in the Middle East, has been awarded ‘Global ESG Deal of the Year’ at the annual Project Finance International (PFI) Awards.
The PFI Awards recognise major infrastructure projects around the world for their innovation, impact, and public-private partnerships.
AMEA Power was the recipient of the award following the financial close of two large scale renewable energy projects in Egypt. The landmark 500MW wind and 500MW solar projects, which are now currently under construction, represent US$1.1 billion of investment into the Egyptian economy.
Hussain Al Nowais, Chairman of AMEA Power, said: “The last 12 months have been a step change for AMEA Power as we took large scale projects from feasibility and planning to financial close and construction. The Company has a substantial pipeline of projects that will follow this journey and transition to the next phase of their development in the next 24 months.
“We are pleased to have received this prestigious PFI award as it signifies the hard work and dedication of the AMEA Power team, our global project partners, lenders, advisors and the cooperation of the Egyptian government.”
AMEA Power will develop, own and operate the 500MW solar PV plant, which will be located 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, who will own 40% equity in the Project. Financing is being provided by a consortium of banks, including Japan Bank for International Cooperation (JBIC) and IFC, together with Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, and Sumitomo Mitsui Trust Bank participating as co-lenders under Nippon Export and Investment Insurance (NEXI) cover.
The projects will underpin the renewable energy ambitions of Egypt, along with supporting economic and social development within the region. The Egyptian government is working towards increasing the supply of electricity generated from renewable sources to 42% by 2035.
AMEA Power is rapidly expanding its investments in wind, solar, energy storage and green hydrogen, demonstrating its long-term commitment to the global energy transition. The Company has clean energy pipeline of over 6GW across 20 countries.
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About AMEA Power
Headquartered in Dubai, AMEA Power is a developer, owner and operator of renewable energy projects. As one of the fastest growing renewable energy companies in the region, the company is rapidly expanding its investments in wind, solar, energy storage and green hydrogen, demonstrating its long-term commitment to the global energy transition. AMEA Power has assembled a world class team of industry experts to deliver projects across Africa, the Middle East and other emerging markets.
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