UAE’S AMEA Power reaches $1.1bn financial closure to build renewable energy stations in Egypt
UAE’s AMEA Power and the Egyptian government have signed the financial closure agreements at $ 1.1 billion to build two renewable power stations with a capacity of 1000 megawatts, according to the Cabinet’s statement on Wednesday.
The projects will take place in the Jabal Al-Zeit area in Red Sea governorate and Kom Ombo in Aswan governorate, with 500 megawatts capacity for each, AMEA’s chairman Hussein Al Nowais clarified.
Abydos station which located in Aswan governorate had funded up to $500 million by the International Finance Corporation (IFC), the Dutch Entrepreneurial Development Bank (FMO), and Japan International Cooperation Agency (JICA).
While, Mount station that exists in Red Sea governorate has reached total investment of $800 million, funded by IFC, JICA, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation (SMBC), and Sumitomo Mitsui Trust Bank.
Al Nowais pointed out that the two projects will provide clean energy to more than 687,000 households in Egypt, and contribute to reduce about 2.2 million tons of carbon emissions annually.
AMEA Power achieved a successful financial closure to establish the two stations using solar and wind energy, aiming to enhance the Egyptian market’s dependence on renewable energy sources, Minster of Electricity Mohamed Shaker said.
He continued that after operating this project, the company’s electricity production in Egypt will reach 2,000 megawatts, the statement mentioned.
AMEA Power is keen on participating in this move which will have clear impacts on sustainable development efforts in Egypt during the next stage and turn it into a regional clean energy centre.