Officials at the signing of the financial close. Credit: © AMEA Power.

UAE-based renewable energy firm 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.

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International Finance Corporation (IFC), Dutch Entrepreneurial Development Bank (FMO) and the Japan International Cooperation Agency (JICA) have agreed to finance the solar project.

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.

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Once completed, the wind farm will be the largest in Africa.

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AMEA Power chairman Hussain Al Nowais 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.

“We are proud to reach this significant milestone and to be supporting Egypt in its energy transition journey and drive to accelerate sustainable development.”

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.

IFC North Africa and Horn of Africa regional director Cheick-Oumar Sylla said: “Egypt has ambitious renewable energy goals and we are proud to support AMEA’s expansion into Africa, as well as its partnership with Egypt to accelerate the country’s renewable energy transition.”