- AMEA Power, one of the fastest-growing renewable energy companies in the Middle East, has achieved financial close to delivering 1GW of renewable energy projects in Egypt.
- The projects will underpin the renewable energy ambitions of Egypt, along with supporting economic and social development within the region.
Today, AMEA Power, one of the fastest-growing renewable energy companies in the Middle East, has achieved the financial close to delivering 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 take the Company’s clean energy portfolio to 2GW in the country. It highlights the private sector’s essential role in helping to deliver clean, affordable power, especially during a time of growing challenges from climate change and environmental pressures.
The 500MW wind farm in the Red Sea Governorate is being developed in partnership with Sumitomo Corporation, owners of 40% equity in the Project. Hussain Al Nowais, Chairman of AMEA Power, said: “These landmark projects reflect the long-term commitment, ambition and growth of AMEA Power. The Company is leading the development of renewable energy across Africa, which through its global and regional partnerships, will deliver clean energy to millions of people around the continent”.
The projects will underpin the renewable energy ambitions of Egypt, along with supporting economic and social development within the region. The Egyptian Government aims to increase the supply of electricity generated from renewable sources to 42% by 2035. AMEA Power has also recently signed a Framework Agreement with the Egyptian Government on the sidelines of the United Nations Climate Change Conference (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 can produce 800,000 tons of green ammonia annually for export. In addition, AMEA Power is rapidly expanding its investments in wind, solar, energy storage and green hydrogen, demonstrating its long-term commitment to the global energy transition with about 6GW across 15 countries.