Dubai-based AMEA Power, a leading renewable energy company in the Middle East, has achieved the financial close to deliver 500-MW wind and 500-MW solar projects representing $1.1 billion of investment in Egypt.

As per the deal, AMEA Power will develop, own and operate the 500-MW solar photovoltaic plant, which will be located in the Aswan governorate of Egypt.

The project is being financed by International Finance Corporation (IFC), part of the World Bank Group, Dutch Entrepreneurial Development Bank (FMO) and the Japan International Cooperation Agency (JICA).

The 500-MW wind farm, located in the Red Sea Governorate, is being developed in partnership with Sumitomo Corporation, which will own 40 per cent equity in the project.

Financing is being provided by a consortium of banks, including Japan Bank for International Cooperation (JBIC) and IFC, together with Standard Chartered Bank, Commercial International Bank, Sumitomo Mitsui Banking Corporation, and Sumitomo Mitsui Trust Bank participating as co-lenders under Nippon Export and Investment Insurance (NEXI) cover.