COP27 host Egypt has of late attracted a lot of interest to exploit its renewable energy potential with the most recent announcement being 1 GW solar and wind energy capacity build by AMEA Power, to be financed by a host of international entities, including the International Finance Corporation (IFC).
The 1 GW renewables capacity will be developed, owned and operated by the UAE headquartered company as 500 MW solar PV and 500 MW wind energy projects. It has secured financial closure for the projects that represent $1.1 billion investment in the Egyptian economy.
Solar power plant will be located in Aswan Governorate and will be financed by the IFC, Dutch Entrepreneurial Development Bank (FMO) and the Japan International Cooperation Agency (JICA). Red Sea Governorate will host the 500 MW wind farm, also being financed by the IFC along with several others.
Power generated by this 1 GW capacity will be sold to the Egyptian Electricity Transmission Company (EETC). Usufruct Agreements and feasibility studies have been completed.
"These projects highlight the private sector's essential role helping to deliver clean, affordable power, especially at a time of growing challenges from climate change and pressures on the environment," said IFC Regional Director for North Africa and Horn of Africa, Cheick-Oumar Sylla.
The deal comes soon after AMEA Power signed a framework agreement with the Government of Egypt to develop a 1 GW green hydrogen project with capacity to produce 800,000 tons of green ammonia annually to be exported. For AMEA, the 1 GW solar and wind deal expands its clean energy portfolio in Egypt to 2 GW.
On the sidelines of the recently concluded COP27, Egypt signed agreements and cooperation protocols worth $83 billion in the space of renewables with 9 investors, including AMEA Power and Fortescue Future Industries (see FFI Offered Land Worth 7.6 GW Renewables In Egypt).
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