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Egyptian Prime Minister Mostafa Madbouli recently attended the signing of a funding agreement worth US$1.1 billion for two renewable energy projects. These projects will be built by the UAE’s AMEA Power. They are a solar power plant in Aswan’s Kom Ombo and a wind farm in the Red Sea’s Ras Ghareb
Egyptian Prime Minister Mostafa Madbouli recently attended the signing of a funding agreement worth US$1.1 billion for two renewable energy projects. These projects will be built by the UAE’s AMEA Power. They 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 projects is US$500 million and $800 million respectively, while the capacity of each will be 500 megawatts.
The consortium funding the project is the International Finance Corporation (IFC), Dutch Entrepreneurial Development Bank (FMO), Japan International Cooperation Agency (JICA), Japan Bank for International Corporation (JBIC), and Sumitomo Mitsui Banking Corporation (SMBC).
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AMEA will build and operate the two projects, which will secure clean energy for 678,000 families and cut carbon emissions by 2.2 million tons. Further, AMEA the company is developing a green hydrogen project, whose capacity initially will be 1,000 megawatts, which will be gradually increased to 2,000 megawatts.
