AMEA Power has achieved the financial close to delivering 1 GW of renewable energy projects in Egypt. The company's clean energy portfolio in the country now totals 2 GW after investing US$1.1 billion in 500 MW wind and 500 MW solar photovoltaic (PV) projects.
International Finance Corporation (IFC), Dutch Entrepreneurial Development Bank (FMO), and Japan International Cooperation Agency (JICA) are financing the PV project in Aswan. On the other hand, a consortium including Japan Bank for International Cooperation (JBIC) and IFC, along with Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, and Sumitomo Mitsui Trust Bank as co-lenders under Nippon Export and Investment Insurance (NEXI) cover, are providing financing for the wind farm in the Red Sea Governorate, being developed with Sumitomo Corporation, who will own 40% equity.
Both projects have Power Purchase Agreements (PPAs) with the Egyptian Electricity Transmission Company (EETC) and Usufruct Agreements. The New and Renewable Energy Authority (NREA) has completed feasibility studies.
