The United Arab Emirates’ AMEA Power has reached financial close on a US$1.1bn project a 1,065 MW hybrid (solar+wind) project in Egypt. The deal provides for AMEA Power to develop, own and operate the 560 MW Abydos solar plant in the Aswan governorate (southern Egypt) and the 505 MW Amunet wind park in the Red Sea governorate (eastern Egypt). The projects will be supported with debt and equity financing from the International Finance Corporation (IFC) and several development and commercial banks. The wind project is being developed in partnership with Japan’s Sumitomo Corporation, who will own 40% equity in the Project. Both projects have already secured Power Purchase Agreements (PPAs) with the Egyptian Electricity Transmission Company (EETC) and Usufruct Agreements, as Egypt’s New and Renewable Energy Authority (NREA) has already completed the feasibility studies. The power generated from the solar park and the wind park will be priced at US$2c/kWh and US$3c/kWh respectively.
In November 2022, Egypt also signed a Memorandum of Understanding (MoU) with the UAE’s Masdar, Infinity Power Holding (a joint venture between Masdar and Egypt’s Infinity) and Hassan Allam Utilities to develop a 10 GW onshore wind project in Egypt.
At the end of 2021, solar represented 2.7% of Egypt’s installed capacity with 1.7 GW, while wind represented 2.6% with 1.6 GW. Egypt targets 42% of electricity production from renewables in 2035, with 25% from solar, 14% from wind, and 2% from hydropower.
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