Dubai company gets $750 million to build wind and solar farms in Egypt | News Bharat

(Bloomberg) — AMEA Power, a renewable energy company based in Dubai, secured $750 million in financing for a solar plant and wind farm in Egypt and said it will consider an initial public offering in the near future three years

“Listing is one option, merging with another organization is the second, and an alliance with a major global player is the third option,” President Hussain Al Nowais said in an interview. “At this stage, our intention is to continue growing.”

The family-owned company expects 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 with lenders such as Standard Chartered Plc, Sumitomo Mitsui Banking Corp. and International Finance Corp., he said.

Egypt is generating a lot of interest from clean energy investors, many of whom 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 largest in the world.

The AMEA wind power plant, in which the Japanese Sumitomo Corp. will have a 40% stake, will be located in Ras Ghareb, on the Red Sea. The solar project will be in Abydos on the Nile.

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