AMEA Power, a renewable energy company from the UAE, has taken a final investment decision (FID) for 1GW of renewable projects in Egypt. The developer will invest US$1.1bn in the installation of a 500MW wind farm and a 500MW solar plant.
The photovoltaic (PV) plant, to be built in the Aswan governorate, is receiving financing from the World Bank’s International Finance Corporation (IFC), the Dutch Entrepreneurial Development Bank (FMO), and the Japan International Cooperation Agency (JICA).
The wind farm, meanwhile, will be placed in the Red Sea governorate in partnership with Sumitomo, which owns a 40% share in the project. It will be financed by a consortium of banks including the Japan Bank for International Cooperation (JBIC) and IFC.
After these facilities are up and running, AMEA Power’s portfolio in Egypt will sum 2GW.
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