Egypt Signs Renewable Energy Agreement with AMEA Power Worth $1.1 Billion

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by KnowESG
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Egypt has signed a $1.1 billion agreement with AMEA Power for a solar plant and a wind farm with a combined capacity of around 1 gigawatt (GW).

The Emirati renewable energy business would construct, own, and operate a 500MW solar plant in Egypt's Aswan governorate as well as a 500MW wind farm in Egypt's Red Sea governorate.

The wind farm will be built in collaboration with Sumitomo Corporation, which will control 40% of the project. Meanwhile, the International Finance Corporation, the Dutch Entrepreneurial Development Bank, and the Japan International Cooperation Agency are funding the solar facility.

Reports say that the projects will help Egypt reach its goals for renewable energy and support economic and social growth in the region.

By 2035, Cairo hopes to source up to 42% of its electricity from renewable energy platforms.

Both projects will begin construction this month, with the solar plant slated to be completed in 18 months and the wind farm in 30 months.

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Source: Arab news