Dubai, United Arab Emirates; December 16, 2019: AMEA Power (a subsidiary of Al Nowais Investments (ANI)) has signed Power Purchase Agreements (PPAs) with the Egyptian Electricity Transmission Company (EETC) for a 500MW wind power project and a 500MW solar PV project. In December 2019, AMEA Power signed PPAs for a 500MW wind power project and a 200MW solar PV project. Following a request from Egyptian authorities and subsequent approval from the Cabinet of Ministers, the Ministry of Electricity and Renewable Energy increased the size of the solar PV project to 500MW. Abydos Solar Power Company (ASPC), a company fully owned by AMEA Power, will build, own and operate the 500MW solar power project in the Aswan governorate, whilst Amunet Wind Power Company (AWPC), also fully owned by AMEA Power, will build, own and operate the 500MW wind power project in the Gulf of Suez.

In addition to signing the PPAs, AMEA Power has also signed Network Connection Contracts for the Amunet Wind Power Project and the Abydos Solar Power Project with the EETC, and Usufruct Agreements with the New and Renewable Energy Authority (NREA), having completed feasibility studies for the two sites. Further to this, the Ministry of Finance of Egypt has issued sovereign guarantees for each project.