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    AMEA Power unveils USD-1.1bn fin close for Egyptian solar, wind projects


    November 30, 2022 - SeeNews Renewables

     

      November 30 (Renewables Now) - Dubai-based AMEA Power LLC said on Wednesday that it reached the financial close for a gigawatt of renewable energy projects in Egypt representing an investment of USD 1.1 billion (EUR 1.06bn).

      More specifically, the International Finance Corporation (IFC), part of the World Bank Group, Dutch Entrepreneurial Development Bank (FMO) and the Japan International Cooperation Agency (JICA) are funding a 500-MW solar project in the Aswan Governorate.

      At the same time, the company is partnering with Japan’s Sumitomo Corporation (TYO:8053), which is a 40% project owner, to build a 500-MW wind farm in the Red Sea Governorate. This project is being financed by a banking consortium consisting of 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 Egyptian Electricity Transmission Company (EETC) has contracted both projects, which also have usufruct agreements in place.

      Also in Egypt, AMEA Power recently signed a framework agreement with the government to develop a 1-GW facility to produce green hydrogen as a feedstock for the production of green ammonia.

      (USD 1 = EUR 0.965)

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