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AMEA to invest an additional USD 600 mn in Egypt’s renewables sector: Dubai-based Al Nowais’ AMEA Power will set up a USD 600 mn, 5 GW wind power project in the Gulf of Suez in cooperation with the Egyptian Electricity Transmission Company and the New and Renewable Energy Authority, according to an Egyptian cabinet statement. The Egyptian Electricity Transmission Company will purchase the energy generated by the solar plant for 25 years.
The timeline: The project is set to be completed by the first quarter of 2026, AMEA Power Chairman Hussain Al Nowais told Asharq Business.
Where’s the money coming from? The project received funding from the International Finance Corporation, the Dutch Entrepreneurial Development Bank, the Japan International Cooperation Agency, and Power China, which was also the main contractor.
A busy weekend for Amea: The announcement of the fresh investments came during the inauguration of Amea Power’s new 500 MW Abydos solar plant in Kom Ombo in Upper Egypt, which was built on an area of 10k sqm with investments of some USD 500 mn. The plant will generate electricity for 256k homes and reduce emissions by 760 tons annually.
The renewables company has so far invested over USD 2 bn into the Egyptian renewables market across five projects that produce a combined 3 GW, including its newly inaugurated 500 MW Abydos solar plant in Kom Ombo, Al Nowais said.
More in the pipeline: Amea is working on a 500 MW wind farm in Ras Ghareb that is lined up for completion by mid-2025 as well as a 1 GW solar power plant with 600 MWh battery storage system in Benban — expected to be Africa’s largest. Meanwhile, it conducted front-end engineering design works for its green hydrogen-based ammonia production facility in Ain Sokhna and tapped an unnamed company for its construction schemes.
