JIBC finances development of 1,000 mw solar and wind energy project in Egypt

The Abydos PV project received financing from the International Finance Corp. (IFC), Dutch Entrepreneurial Development Bank, and Japan International Corp. Company (JICA) (JICA). The project’s developer is a partnership with Japanese investment giant Sumitomo Corp. The money has come from the IFC, Standard Chartered, Commercial International, and Japan Bank for International Cooperation. Under the Nippon Export & Investment Insurance, Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Trust Bank are taking part in the initiative as co-lenders. The funding will build transmission infrastructure, provide technical support for Egypt’s expansion of renewable energy sources, and design and build solar photovoltaic and wind power facilities.

The financial completion for the two major clean energy projects in Egypt was announced by the renewable energy business AMEA Power Ltd., clearing the door for the start of construction. AMEA Power, a corporation established in the United Arab Emirates, and owns its subsidiaries, will construct and manage the 500MW Abydos solar project in the Aswan governorate – 600 km south of Cairo. They will also construct a 500MW Amunet wind farm in the Red Sea governorate 318 km south of Cairo. These affiliates are Amunet Wind Power Co. and Abydos Solar Power Co.

 

Link: https://www.enr.com/articles/55697-egypt-signs-deal-for-construction-of-1-000-mw-worth-of-solar-and-wind-power

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