Dubai firm plans $1.1bn clean energy investment in Egypt

• Wind and solar projects will greatly advance Egypt’s energy economy
• Amea Power to also launch green hydrogen project with Egypt

Dubai-based Amea Power announced on Wednesday that it has achieved a financial close to deliver 1 gigawatts (gw) of wind and solar energy projects in Egypt.

The 500mw wind and 500mw solar projects, represent $1.1 billion of investment into the Egyptian economy and takes the company’s clean energy portfolio to 2gw in the country.

Amea Power said it will build, own and operate the solar plant, which will be located in Egypt’s Aswan province and is being financed by International Finance Corporation, Dutch Entrepreneurial Development Bank and the Japan International Cooperation Agency.

• Egypt said to start building $11bn wind farms project from 2024
• New Egyptian fund to invest in projects issuing carbon certificates
• Egypt aims to overcome obstacles to supplying more gas to the EU

The wind farm, located in the Red Sea area, is being developed in partnership with Japan-based Sumitomo Corporation, which will own 40 percent equity in the project. Financing is being provided by a consortium of global banks.

Amea Power said both projects have already secured power purchase agreements with the Egyptian Electricity Transmission Company.

Hussain Al Nowais, chairman of Amea Power, said the landmark projects reflected the company’s “long-term commitment, ambition and growth” and that it was “leading the development of renewable energy across Africa”.

The projects aim to underpin the renewable energy ambitions of Egypt, along with supporting economic and social development within the region. 

The Egyptian government is aiming to increase the supply of electricity generated from renewable sources to 42 percent by 2035.

Amea Power has also recently signed a framework agreement with the Egyptian government, on the sidelines of Cop27 in Sharm El-Sheikh, to develop a large-scale green hydrogen project, which will serve as a feedstock for the production of green ammonia.

Once completed, the 1gw plant will be able to produce 800,000 tonnes of green ammonia per year for export.

Amea Power currently has a clean energy pipeline of nearly 6gw across 15 countries.

Last week it was reported that Egypt will start to construct an $11 billion wind farm project in 2024, which is likely to supply electricity to Europe and Saudi Arabia. Bloomberg said a consortium comprising Abu Dhabi-owned Masdar and Infinity Power Holdings will finish building the onshore plant by 2030.