UAE's AMEA Signs Agreement to establish Renewable Energy Plants in Egypt worth $1.1 Bln

Mostafa Madbouly, the Egyptian Prime Minister, witnessed the signing ceremony of the financial closure agreements between the Emirati company AMEA Power and a number of international financing institutions at a value of $ 1.1 billion, marking the start of the implementation of two projects to produce electricity from renewable energy, in Gabal El-Zeit area in the Red Sea Governorate and Comambo in Aswan Governorate; with a production capacity of 1000 megawatts.

The signing ceremony was attended by Mohammed Shaker, Minister of Electricity and Renewable Energy, Rania Al Mashat, Minister of International Cooperation, Maryam Al Kaabi, UAE Ambassador to Egypt, Oka Hiroshi, Japanese Ambassador to Egypt, Hussein Jassim Al Nowais, Chairman of the Board of Directors of the UAE Emiya Power Company, and a number of officials. Emirati company officials and representatives of international financial institutions, according to a press release.

The agreements were signed by Achil Bohra, representing the Amont Wind Energy Company, Samir Nassef, representing the Abydos Solar Energy Company, Christopher Cantelme, representing the International Finance Corporation (IFC), a member of the World Bank Group, and Michel Schepens, representing the Dutch Development Bank (FMO). Ken Kato, representing JICA, Kenito Kitamura, representing the Dubai office of Japan Bank for International Cooperation (JBIC), Abbas Hussain, representing Standard Chartered Bank, John Saito, representing Sumitomo Mitsui Banking Corporation (SMBC), and Jeremy Bayfield, representing Bank Sumitomo Mitsui Trust".

On the sidelines of the signing, Mohamed Shaker, Minister of Electricity and Renewable Energy, said that IMEA Power Company was able to achieve a successful financial closure with the aim of establishing two plants to produce electricity from solar energy and wind energy, with a capacity of 1,000 megawatts, to enhance the Egyptian market's dependence on renewable energy sources.

In this regard, the minister pointed out that international companies operating in the field of renewable energy have great confidence in Egypt as a leading country in the Middle East in the field of renewable energy production, as it possesses huge potentials and potentials from renewable energy sources, such as wind and solar energy, which qualifies it to attract Many different industries.

He added, "The Ministry of Electricity and Renewable Energy has succeeded in implementing the state's plan to attract a lot of foreign and local investments in renewable energy and green hydrogen projects, and to position Egypt as a regional center for the production and export of green hydrogen and its derivatives in the region, taking advantage of the distinguished geographical location, strong infrastructure and well-equipped Egyptian ports."

Hussein Jassim Al Nowais, Chairman of the Board of Directors of Aemia Power, explained that the company was able to achieve a successful financial close of $1.1 billion with a variety of international financing institutions; To establish the two stations, which clearly reflects the confidence of the leading international financial institutions in the future of the investment climate in Egypt.

The Chairman of the Board of Directors of the UAE company added that EMEA Power will build, manage and operate the two stations, pointing out that one of them is located in the city of Kom Ombo in Aswan Governorate, and it is the Abydos station for producing electricity from solar energy with a capacity of 500 megawatts, with investments amounting to 500 million dollars, and financing From the International Finance Corporation (IFC), a member of the World Bank Group, the Dutch Development Bank FMO, and the Japan International Cooperation Agency (JICA).

He revealed that IMEA Power signed usufruct agreements with the New and Renewable Energy Authority, and energy purchase agreements with the Egyptian Electricity Transmission Company, while the Egyptian Ministry of Finance issued sovereign guarantees for these projects.

He pointed out that the two projects will provide clean energy to more than 687,000 families in Egypt, while they will contribute to reducing about 2.2 million tons of carbon emissions annually.

In a related context, the Chairman of the Board of Directors of the UAE company said that IMEA Power announced on the sidelines of the Conference of the States Parties to the United Nations Framework Convention on Climate Change 27COP, which was recently held in Sharm El-Sheikh, that it will undertake the development of a green hydrogen production project with a production capacity of 1000 megawatts, adding that after operating this project, the company's electricity production in Egypt will reach 2,000 megawatts.

Hussein Jassem Al Nowais expressed his appreciation for the Egyptian government's efforts and cooperation to move forward in the implementation of these vital projects, adding that the Egyptian government is committed to increasing its reliance on renewable energy sources locally in order to reduce the use of fossil fuels and reduce carbon emissions, stressing that these projects are in line with the integrated sustainable energy strategy. launched by the Egyptian government.

He continued: AMEA Power" is keen to participate in this trend, which will have clear impacts on sustainable development efforts in Egypt during the next stage and transform it into a regional center for clean energy, within the framework of the Emirati company's plan to expand its investments in the fields of wind energy, solar energy, energy storage and Green hydrogen around the world, reflecting its long-term commitment to the global clean energy transition.