AMEA Power to establish new clean energy projects in Egypt by Summer 2025

Updated 7/17/2024 2:48:00 PM

Arab Finance: The Egyptian cabinet has approved a proposal from AMEA Power, a subsidiary of the UAE-based Al Nowais Investments, to implement additional renewable energy projects before the summer of 2025, as per a statement.

These projects include the addition of 500 megawatts of solar energy following the completion of the Abydos solar energy project, which also has a capacity of 500 megawatts.

Additionally, a combined capacity of 1,500 megawatts from both solar and wind energy will be connected to the national electricity grid.

This will be carried out after the completion of an additional solar energy project with a capacity of 1,000 megawatts and the currently being set up Amont wind energy project with a capacity of 500 megawatts, in addition to a battery storage system.

In total, AMIA Power plans to add 2,000 megawatts of renewable energy, including the battery storage system, before the summer of 2025.

During the weekly cabinet meeting, it was also agreed on a presidential draft decision regarding a financing agreement with the African Development Bank (AfDB).

This agreement aims to support the first phase of a program designed to bolster private sector development and economic diversification as part of the general budget support framework.

The program's primary goal is to enhance private sector growth by improving the business environment and diversifying sources of green growth.

Additionally, the cabinet approved Egypt's subscription to 19,917 shares in the AfDB at a valued of $17.04 million under the SRT rules.

They also thumbed up for the allocation of several plots of state-owned lands in North Sinai to the Public Authority for Land and Dry Ports to establish logistics zones, following President Abdel Fattah El-Sisi's directives to position Egypt as a global hub for trade and logistics.