The Japanese technology giant Softbank Group Corp. has provided $75 million in equity financing to the Dubai-based renewables startup AMEA Power LLC to help it grow before perhaps going public.
The investment will give the two firms the chance to investigate a potential alliance and increase the value of AMEA Power in the nations of the Asia Pacific, the Middle East, and Africa.
The UAE group now has 1.45 GW of operating and under construction wind, solar, energy storage, and green hydrogen capacity, as well as almost 6 GW of projects in the pipeline. Future plans call for further expansion into Southeast Asia, the Middle East, Kazakhstan, Uzbekistan, and Azerbaijan.
According to Hussain Al Nowais, chairman of AMEA Power, “the funds raised will enable us to accelerate our strategic ambitions, materialize additional projects in the power, water, and green hydrogen sectors, and to continue to further expand our presence in target markets.”
The business emphasized that the all-equity assistance from Softbank was the company’s first outside equity investment. Numerous foreign institutional corporate and financial investors are reportedly also thinking about making investments, according to the statement.