Dubai-based AMEA Power gets $750 million to build wind and solar farms in Egypt
The firm hopes to finish the plants, which will have a capacity of 1 GW, within two years
AMEA Power, a Dubai-based renewable-energy company, secured $750 million of funding for a solar plant and a wind farm in Egypt and said it will consider an initial public offering in the next three years.
“Listing is one option, merging with another organisation is the second option, and an alliance with a major global player, the third option,” Chairman Hussain Al Nowais said in an interview. “At this stage, our intention is to continue growing.”
The family-owned firm hopes to finish the Egyptian plants, which will have a combined power capacity of 1 gigawatt, within two years, he said. It has raised debt to build them from lenders including Standard Chartered Plc, Sumitomo Mitsui Banking Corp. and the International Finance Corp., he said.
Egypt is garnering plenty of interest from clean-energy investors, many of who see it as a prime location to build wind and solar farms and green-hydrogen plants. The country hosted this month’s COP27 climate summit, during which it announced the construction of an $11 billion wind farm, one of the biggest in the world.
The AMEA wind plant, in which Japan’s Sumitomo Corp. will own a 40 per cent stake, will be located at Ras Ghareb on the Red Sea. The solar project will be at Abydos on the Nile.