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Egypt and AMEA Power Sign $1.1 Billion Renewable Energy Agreement | |
| Staff Writer |
An agreement for a solar project and a wind farm with a combined capacity of roughly 1 gigawatt was signed between Egypt and an Emirati renewable energy business, AMEA Power, for a total of $1.1 billion (GW).
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The Egyptian governorate of Aswan will host a 500 MW solar plant that the business will construct, own, and run. The Red Sea governorate will host a similar wind farm with the same capacity. The Sumitomo Corporation is participating in the development of the wind farm and will have a 40% stake in the enterprise. Meanwhile, the solar power plant is funded by the International Finance Corporation (IFC), the Dutch Entrepreneurial Development Bank (FMO), and the Japan International Cooperation Agency (JICA).
According to a report from Egypt's state news agency WAM, the projects would help the country achieve its goals for renewable energy and will contribute to regional economic and social growth.
By 2035, Cairo hopes to have 42% of its electricity come from renewable energy sources.
This month will mark the beginning of construction on both projects, with the solar plant slated to be finished in 18 months and the wind farm in 30 months.