AMEA Power has achieved a $1.1bn financial close for 1GW of renewable energy capacity in Egypt.
The renewable portfolio includes a 500MW wind project and 500MW solar asset, increasing the company’s clean energy portfolio in the country to 2GW.
Located in the Aswan governorate of Egypt, the 500MW solar photovoltaic project will be developed, owned, and operated by AMEA Power.
The 500MW wind farm will be developed in Red Sea Governorate in partnership with Sumitomo Corporation, which will own a 40% stake in the project.
Once completed, the wind farm will be the largest in Africa.
AMEA Power added that power purchase agreements for both projects are already in place with the Egyptian Electricity Transmission Company (EETC).
A consortium of banks has agreed to serve as co-lenders for the wind project under Nippon Export and Investment Insurance (Nexi ) cover.
These include Japan Bank for International Cooperation (JBIC) and IFC, along with Standard Chartered Bank , Commercial International Bank, Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Trust Bank.