Agreement to fund renewable energy projects at $1.1B signed

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Prime Minister Mostafa Madbouli attended Wednesday 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 the Red Sea's Ras Ghareb. The value of the former is $500 million, while that of the latter is $800 million. The capacity of each is 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).

Chairman of AMEA Power Hussein Gassem al-Noweis pointed out that the solar power plant is named Abidos, and that its funded by IFC, FMO, and JICA. As for the wind farm, it is called Amunt, and is financed 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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