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IFC and commercial banks help finance developer AMEA Power to build 500MW plants that will generate ‘at some of least expensive rates globally
More than a gigawatt of wind and solar set for construction in Egypt will produce Africa’s cheapest green power, said the International Finance Corporation (IFC) as it helped to close a $1.1bn financing package for the plants.
UAE-based developer AMEA Power will build and run the 560MW Abydos PV facility and 505MW Amunet Wind project – the latter in a partnership with Japan’s Sumitomo Corporation, which will own 40% of the wind farm.
AMEA Power told Recharge it will use China’s Envision Energy as its turbine supplier for the wind project while another Chinese player JA Solar will equip the PV plant.
IFC said the 4,000GWh of power generated by the two plants will bring green electricity to a million Egyptians. “Power from the solar park and the wind farm will be priced at two US cents/kWh and three US cents/kWh, respectively, which are the lowest rates in Africa and among the least expensive rates globally,” added the IFC, which joined lenders from the UAE, Japan and Netherlands and private sector banks in backing the projects.