AMEA Power finalizes financing for solar project in South Africa
AMEA Power has closed the financing of its 120MW solar project in South Africa, with backing from Standard Bank and the Industrial Development Corporation.
| Sectors | Solar Energy, Photovoltaic |
|---|---|
| Themes | Investments & Transactions, Project Development, Financing |
| Companies | AMEA Power, Eskom |
| Countries | United Arab Emirates |
AMEA Power, a Middle East-based renewable energy company, has announced the completion of financing for its 120MW solar photovoltaic project in Doornhoek, South Africa. The US$120 million project marks the company’s first operational installation in the country, underlining its commitment to South Africa’s energy sector.
Background and Financial Partnerships
The project received US$100 million in debt financing from Standard Bank South Africa, while the Industrial Development Corporation provided US$8 million in equity to local partners Ziyanda Energy and Dzimuzwo Energy. Both companies are entirely owned by African women, reinforcing the local impact of the project.
The consortium, comprising AMEA Power and its local partners, won the project in the sixth bidding round of the Renewable Energy Independent Power Producer Procurement Program (REIPPPP). Hussain Al Nowais, Chairman ofAMEA Power, expressed his satisfaction at this achievement, underlining the importance of supporting South Africa’s energy transition.
Energy and Operational Impact
Once commissioned, the Doornhoek project will generate 325GWh of energy per year, enough to power around 97,000 homes. George Kotsovos, Head of Energy and Infrastructure Finance at Standard Bank Group, expressed his pride at being associated with this project, which will have a significant impact on South Africa’s energy needs.
David Jarvis, acting CEO of the Industrial Development Corporation, stressed the importance of equitable participation and operational involvement of new black women-owned businesses in the energy sector, underlining IDC’s commitment to replicating this model in future energy projects.
Future prospects and developments
The Doornhoek project, located near Klerksdorp in the North West Province, is scheduled to begin commercial operations by December 2025. With this project, AMEA Power is demonstrating its potential to make a significant contribution to South Africa’s energy objectives.
