{"id":84766,"date":"2024-06-10T00:00:00","date_gmt":"2024-06-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/06\/10\/uaes-amea-power-reaches-financial-close-on-its-south-african-solar-plant\/"},"modified":"2024-06-10T00:00:00","modified_gmt":"2024-06-10T00:00:00","slug":"uaes-amea-power-reaches-financial-close-on-its-south-african-solar-plant","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/06\/10\/uaes-amea-power-reaches-financial-close-on-its-south-african-solar-plant\/","title":{"rendered":"UAE\u2019s Amea Power reaches financial close on its South African solar plant"},"content":{"rendered":"

UAE <\/strong>renewables company Amea Power reached financial close on its USD 120 mn, 120 <\/strong>MW <\/strong>Doornhoek solar energy plant in South Africa<\/strong>, according to a statement<\/a> published on Thursday. Amea will get USD 100 mn in debt funding from Standard Bank South Africa<\/a> and another USD 8 mn in equity funding from the Industrial Development Corporation<\/a> will go to the company\u2019s local partners. The project will start commercial operations by December 2025.<\/p>\n

REMEMBER- <\/strong>The firm was awarded the project in 2022 and construction was slated to begin in mid-2023. The plant will generate over 325 GWh of clean energy, offsetting 330k tons of CO2 emissions annually, and powering 97k homes. Amea holds the majority of the project's shares, on which it partnered with <\/span>Ziyanda Energy<\/a> and <\/span>Dzimuzwo Energy<\/a>. Amea signed a <\/span>20-year Power Purchase Agreement (PPA)<\/a> with South Africa\u2019s Eskom last month.<\/span><\/p>\n

The company\u2019s African portfolio is booming: <\/strong>Amea Power signed agreements with the governments of Uganda, Djibouti, Mozambique and Zimbabwe to develop renewables projects with a combined 200 MW generation capacity<\/a> at COP28. It also signed an agreement with Ethiopia\u2019s Finance Ministry to build a USD 600 mn, 300 MW onshore wind power plant in the country. The UAE firm is also reportedly set to sign a USD 800<\/a>mn agreement<\/a> with Geothermal Development Co. of Kenya to develop the 200 MW Baka geothermal energy generation plant in the African country.<\/p>\n

And there\u2019s more in the pipeline: <\/strong>The company completed a 33\/220kV substation building structure at its 500 MW Abydos solar plant<\/a> in Egypt last month. The solar plant \u2014 which secured funding in December 2022 \u2014 is scheduled to be completed in the middle of this year, and is being constructed under a build-own-operate framework. Amea also began construction of the TND 300 mn (USD 95.7 mn), 100 MW solar power plant<\/a> in Tunisia\u2019s Kairouan last month.<\/p>\n","protected":false},"excerpt":{"rendered":"

The plant will generate over 325 GWh of clean energy, offsetting 290k tons of CO2 emissions annually<\/p>\n","protected":false},"author":1,"featured_media":84767,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84],"tags":[244,83,11,42,52],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84766","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-amea-power","tag-debt-watch","tag-enterpriseclimate","tag-solar-energy","tag-uae","wpautop","entry"],"acf":{"mongo_id":"ea457849-c006-46bf-ac2d-91c68991666b","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/821.jpg","photo_position":"above","homepage_title":"","full_issue_title":"UAE\u2019s Amea Power reaches financial close on its South African solar plant","related_issue":[84759],"teaser":"The plant will generate over 325 GWh of clean energy, offsetting 290k tons of CO2 emissions annually","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.edd56c3c-28cf-45b1-87a5-f87e9200381b.mp3"},"yoast_head":"\nUAE\u2019s Amea Power reaches financial close on its South African solar plant - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2024\/06\/10\/uaes-amea-power-reaches-financial-close-on-its-south-african-solar-plant\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UAE\u2019s Amea Power reaches financial close on its South African solar plant\" \/>\n<meta property=\"og:description\" content=\"The 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