Agreement to fund renewable energy projects with $1.1B signed

According to Egypt today, Prime Minister Mostafa Madbouli attended the signing of a funding agreement worth $1.1 billion for two renewable energy projects that will be built by the UAE’s AMEA Power.

The projects are a solar power plant in Aswan’s Kom Ombo and a wind farm in Ras Ghareb on the Red Sea. The former is worth $500 million, while the latter is worth $800 million. Each has a capacity of 500 megawatts.

The funding institutions that joined the deal are the International Finance Corporation (IFC), Dutch Entrepreneurial Development Bank (FMO), Japan International Cooperation Agency (JICA), Japan Bank for International Corporation (JBIC), and Somitomo Mitsui Banking Corporation (SMBC).

Hussein Gassem al-Noweis, Chairman of AMEA Power, stated that the solar power plant is called Abidos and is funded by IFC, FMO, and JICA. The wind farm is called Amunt, and it is funded by JBIC and SMBC.

The company will build and operate the two projects, which will secure clean energy to 678,000 families and cut carbon emissions by 2.2 million tons. Further, AMEA Power is developing a green hydrogen project, whose capacity will be 1,000 megawatts at the beginning, then, grow to become 2,000 megawatts.

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