Latest news with #AMEAPower
Morocco World
a day ago
- Business
- Morocco World
YNNA Group, AMEA Power to Develop 100-Megawatt Wind Farm in Laayoune
Rabat – Moroccan industrial company YNNA Group, and subsidiary of Emirati conglomerate Al Nowais Investments, AMEA Power, announced a joint agreement to develop a 100-megawatt wind farm in Morocco's Laayoune. The power plant's construction is set to begin by the end of 2025, with operations scheduled to start in 2027. The power plant is expected to prevent over 330,000 tons of CO2 emissions annually. A joint statement released today from the groups said that the joint venture stems from a shared ambition to contribute to Morocco's national energy transition strategy and support the country's goals in decarbonization and energy sovereignty. CEO of YNNA Group, Mama Tajmouati, said the partnership marks a decisive turning point for YNNA, reflecting the group's commitment to building a competitive, sovereign, and low-carbon energy model to serve Morocco and the two subsidiaries. 'This is a tangible step toward a sustainable future aligned with the Kingdom's ambitions,' the groups said. Chairman of AMEA Power, Hussain Al Nowais, also expressed satisfaction with the new partnership, noting that the agreement aims to deliver a major project in Morocco. Describing Morocco as a sister nation to the UAE, AMEA Power chairman stressed that the partnership is fully aligned with the company's commitment to developing sustainable, accessible energy solutions with a strong local impact. 'Morocco is a key market for AMEA Power, and we are determined to expand our footprint here through large-scale investments,' Al Nowais said. Morocco's energy efficiency is the 'second pillar' of Morocco's national energy strategy, Minister of Energy Benali said earlier this year, noting that an estimated 100,000 job opportunities are also expected by 2030. The country also aims to produce 52% of its energy through clean renewable sources by 2030. Tags: morocco on renewable energyRenewable Energy Investment
Zawya
2 days ago
- Business
- Zawya
Egypt signs 6 green investments deals with development partners, private sector
Egypt penned six agreements and cooperation protocols with development partners, business associations, and private sector representatives. The key deals were signed during the 'Development Finance to Foster Private Sector-Led Growth & Jobs' conference, according to a press release. The contract aims to advance renewable energy projects, support green industries, and expand the 'HAFIZ' platform, while boosting investment and financing for enterprises. Deals Signed under NWFE Under the Nexus of Water, Food and Energy (NWFE) program, the government inked three contracts to advance its renewable energy ambitions and attract substantial foreign investment. The agreements included the financial close for the 1 GW Obelisk Solar Power Plant, which will feature 200 megawatt-hour (MWh) of battery storage. The first project, developed by Norwegian firm Scatec, will be implemented with total investments of $600 million. A total of $479 million will be provided by the European Bank for Reconstruction and Development (EBRD), British International Investment (BII), and the African Development Bank (AfDB) to Scatec's subsidiary, Obelisk Solar Energy. Additionally, the Egyptian Electricity Transmission Company (EETC) penned a $1 billion power purchase agreement with Scatec for the 900 MW Shadwan Wind Power Project in Ras Shukeir, Gulf of Suez. The third deal was signed between IFC and AMEA Power to finance Egypt's first utility-scale battery storage project, linked to the Abydos Solar Power Plant under the program's energy pillar. Expanding 'HAFIZ' Hub Rania El-Mashat, Minister of Planning, Economic Development and International Cooperation, signed a cooperation agreement to expand the 'HAFIZ' platform. The agreement was signed with the Federation of Egyptian Industries (FEI) and other business associations to support private sector growth and enhance enterprise access to advisory and financing services. El-Mashat also inked a bilateral cooperation protocol with the Federation of Egyptian Banks to strengthen dialogue between banks and international development partners, with a focus on supporting SMEs and boosting private sector empowerment. Sustainable Green Industry (SGI) Project The Ministry of Planning, in cooperation with the EIB and the National Bank of Egypt (NBE), signed a EUR 21 million investment grant agreement to support the Green Sustainable Industry (GSI) project. On the other hand, Egypt launched an investment program to finance projects focused on pollution reduction, decarbonization, and improving energy and resource efficiency in the public and private industrial sectors. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Zawya
3 days ago
- Business
- Zawya
IFC, AMEA Power launch Egypt's first battery energy storage system
Arab Finance: The International Finance Corporation (IFC) has announced a $72 million investment to support Egypt's first utility-scale battery energy storage system (BESS), in partnership with AMEA Power and the Egyptian government, marking a major milestone in the country's transition to clean energy, as per an emailed press release. The financing package will support the integration of a 300 megawatt-hour BESS into the newly commissioned 500MW alternating-current solar photovoltaic plant operated by AMEA Power's subsidiary, Abydos Solar Project Company, in Kom Ombo, Aswan. The solar plant, also financed by IFC and international partners, began operations in November 2024. This is the first project of its kind under Egypt's fast-track 4GW Emergency Renewable Energy Program, designed to meet rising electricity demand through clean, competitive energy sources and reduce reliance on imported natural gas. The BESS is currently in the commissioning phase and is expected to be operational by July 2025. Once online, it will deliver approximately 100,000 MWh annually and is projected to reduce around 20,000 tons of carbon dioxide emissions each year, supporting Egypt's goal to cut emissions from the power sector by 37%. The project aligns with Egypt's Nexus of Water, Food, and Energy (NWFE) platform and the World Bank Group's Country Partnership Framework for Egypt (FY23–27), which prioritizes job creation, human capital development, and resilience to environmental and economic shocks. Since 2017, the World Bank Group and development finance institutions (DFIs) have played a key role in supporting Egypt's renewable energy sector, contributing to the development of 2.1GW of solar and 2.8GW of wind capacity, more than half of the country's projected installed renewable energy by 2027. IFC has backed several landmark renewable energy projects in Egypt, including the 1.4GW feed-in tariff program in Benban, the 252MW West Bakr Wind project, and the twin 500MW Abydos Solar and 500MW Amunet Wind projects. Since launching its operations in Egypt in 1975, IFC has invested and mobilized nearly $10 billion in development projects and maintains an advisory portfolio valued at $25 million. Its private sector engagement in Egypt spans fintech, climate finance, infrastructure, renewable energy, healthcare, gender, and manufacturing. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
ME Construction
3 days ago
- Business
- ME Construction
AMEA Power announces financial close of first utility-scale BESS project in Egypt
Energy AMEA Power announces financial close of first utility-scale BESS project in Egypt By The milestone is said to mark a significant step forward in the strategic partnership between AMEA Power and IFC AMEA Power has announced the financial close of the first-ever utility-scale Battery Energy Storage System (BESS) project in Egypt. The 300MWh BESS Project is an extension of AMEA Power's existing operational 500MW solar PV plant in Aswan Governorate, Egypt, which was commissioned in December 2024. To facilitate the integration of the project into the operational 500MW solar PV plant, the 300MWh BESS Project will receive a substantial US $72mn debt package from the International Finance Corporation (IFC). The signing ceremony, held between Samir Nacef, Chief Executive Officer of AMEA Power Egypt, and Cheick-Oumar, IFC Director for North Africa and the Horn of Africa, was attended by several Egyptian officials, including Mostafa Madbouly, Prime Minister of Egypt, Dr. Mahmoud Esmat, Minister of Electricity and Renewable Energy of Egypt, Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation of Egypt, and Makhtar Diop, Managing Director of IFC. The milestone is said to mark a significant step forward in the strategic partnership between AMEA Power and IFC. The partnership encompasses not only the recently commissioned 500MW Amunet Wind Farm in Ras Ghareb, Egypt, but also extends beyond Egypt to projects such as the 120MWp solar PV plant in Metbassta, Tunisia. The integration of the BESS represents a pivotal moment in Egypt's accelerated 4GW Emergency Renewable Energy Program. This government-led initiative aims to address rising electricity demand by leveraging affordable, clean energy solutions and reducing reliance on imported natural gas, said a statement from the firm. Hussain Al Nowais, Chairman of AMEA Power said, 'At AMEA Power, we are committed to transforming the energy landscape through innovation, speed, and local collaboration. Achieving financial close for Egypt's first utility-scale BESS project following the successful launch of our 500MW wind farm in Egypt—is a clear demonstration of our ability to deliver large scale renewable energy projects. We are proud to play a leading role in supporting Egypt's energy transition and grid resilience.' Makhtar Diop, IFC's Managing Director added, 'Meeting Egypt's rising energy demand – especially in the summer – requires bold solutions, and we are proud to deepen our collaboration with a ready-to-scale partner like AMEA Power. This investment delivers sustainable infrastructure that strengthens the grid today while laying the foundation for a cleaner, more resilient energy future in Egypt. This is modelling efficient transition – one that brings value for the country through advanced technologies and skills.' As Egypt embarks on its journey towards renewable energy, projects like this utility-scale battery storage system play a crucial role in maintaining grid stability, enhancing the integration of renewable energy sources, and contributing to the country's decarbonisation efforts, the statement concluded.
Zawya
4 days ago
- Business
- Zawya
AMEA Power achieves financial close for Egypt's first ever utility-scale BESS project
AMEA Power successfully constructed the project in record time of approximately 6 months from the signing of the project documents. The project is scheduled to be commissioned in July 2025. The 300MWh BESS Project is located in Kom Ombo, Aswan Governorate in Egypt Dubai, United Arab Emirates – AMEA Power, one of the fastest-growing renewable energy companies in the region, has announced today the financial close of the first ever utility-scale Battery Energy Storage System (BESS) project located in Egypt. The 300MWh BESS Project is an extension of AMEA Power's operational 500MW Solar PV Plant in Aswan Governorate, Egypt, that was commissioned in December 2024. The 300MWh BESS Project will receive a $72 million debt package from IFC which will finance the integration of the project into the operational 500MW Solar PV Plant. The financing documents were signed between Samir Nacef, Chief Executive Officer of AMEA Power Egypt, and Cheick-Oumar, IFC Director for North Africa and the Horn of Africa. The signing ceremony was attended by H.E. Mostafa Madbouly, Prime Minister of Egypt; Dr. Mahmoud Esmat, Minister of Electricity and Renewable Energy of Egypt; Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation of Egypt; and Makhtar Diop, Managing Director of IFC. This milestone further cements the strategic partnership between AMEA Power and IFC, which also the includes the recently commissioned 500MW Amunet Wind Farm in Ras Ghareb, Egypt. Additionally, the collaboration extends beyond Egypt to projects such as the 120MWp solar PV plant in Metbassta, Tunisia. This BESS integration represents the first initiative to move forward under Egypt's accelerated 4GW Emergency Renewable Energy Program — a government-led effort designed to address rising electricity demand by leveraging affordable, clean energy solutions and decreasing dependence on imported natural gas. Hussain Al Nowais, Chairman of AMEA Power, said: 'At AMEA Power, we are committed to transforming the energy landscape through innovation, speed, and local collaboration. Achieving financial close for Egypt's first utility-scale BESS project—following the successful launch of our 500MW wind farm in Egypt—is a clear demonstration of our ability to deliver large scale renewable energy projects. We are proud to play a leading role in supporting Egypt's energy transition and grid resilience.' Makhtar Diop, IFC's Managing Director said: 'Meeting Egypt's rising energy demand - especially in the summer - requires bold solutions, and we are proud to deepen our collaboration with a ready-to-scale partner like AMEA Power. This investment delivers sustainable infrastructure that strengthens the grid today while laying the foundation for a cleaner, more resilient energy future in Egypt. This is modelling efficient transition – one that brings value for the country through advanced technologies and skills.' As Egypt continues to drive forward its ambitious renewable energy agenda, projects such as this utility-scale BESS are essential in ensuring grid stability, increasing renewable energy penetration, and supporting decarbonization efforts. About AMEA Power Headquartered in Dubai, AMEA Power is a developer, investor, owner and operator of renewable energy projects. As one of the fastest-growing renewable energy companies in the region, AMEA Power has assembled a world-class team of industry experts to deliver projects across Africa, the Middle East, and emerging Asia. With projects in 20 countries, a 6GW+ project pipeline, and 2,600MW+ in operation and under construction, the company is rapidly expanding its investments in wind, solar, energy storage, and green hydrogen, demonstrating its long-term commitment to the global energy transition.
