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    AMEA Power and Sumitomo Complete Project Financing for Wind Farm in Egypt


    December 2, 2022 - Marketline - Deals

     

      Deal In Brief

      AMEA Power and Sumitomo Corporation have completed project financing for construction and development of wind farm in Egypt. The total installed capacity of the power plant will be 500 MW

      The wind farm, located in the Red Sea Governorate, is being developed in partnership with Sumitomo Corporation, who will own 40% equity in the Project. Financing is being provided by a consortium of banks, including Japan Bank for International Cooperation (JBIC) and IFC, together with Standard Chartered Bank, Commercial International Bank, Sumitomo Mitsui Banking Corporation, and Sumitomo Mitsui Trust Bank participating as co-lenders under Nippon Export and Investment Insurance (NEXI) cover

      The farm is a part of 1GW of renewable energy projects in Egypt. The landmark 500MW wind and 500MW solar projects, represent US$1.1 billion of investment into the Egyptian economy and takes the Company’s clean energy portfolio to 2GW in the country

      The farm has already secured Power Purchase Agreements (PPAs) with the Egyptian Electricity Transmission Company (EETC) and Usufruct Agreements, with the New and Renewable Energy Authority (NREA) having already completed its feasibility studies.

      Deal Type Acquisition
      Sub-Category Asset Purchase
      Deal Status Completed: 2022-11-30

      Deal Participants

      Deal Rationale

      (Republication or redistribution, including by framing or similar means, is expressly prohibited without prior written consent. Marketline shall not be liable for errors or delays in the content, or for any actions taken in reliance thereon.)

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