AMEA Power Signs 25-Year PPA with GreenCo for 85 MW Solar PV Power Plant in South Africa

AMEA Power, a renewable energy company based in the Middle East, has signed a 25-year Power Purchase Agreement (PPA) with GreenCo Power Services for an 85MW solar PV power plant in South Africa.

The project will be financed by Standard Bank of South Africa and is expected to commence construction during the third quarter of 2023.

The solar plant will start delivering power into the national grid in early 2025, generating around 220GWh of clean energy per year. The signing of the PPA marks a significant outcome in the company’s long-term commitment to delivering clean energy across Africa and stimulating renewable energy generation in South Africa.

AMEA Power, GreenCo and Standard Bank have also entered into a cooperation agreement that seeks to develop a fast-track model to stimulate the onboarding of renewable energy generation in South Africa; a significant outcome that will help mitigate the current electricity crisis affecting businesses, households, and the economy as a whole.

Hussain Al Nowais, Chairman of AMEA Power, said “The widespread electricity shortages in South Africa are impacting people’s everyday lives and crippling businesses. As part of AMEA Power’s goal to deliver clean energy across Africa, the Company is on track to deliver several large renewable energy projects in South Africa over the coming few years.

Ana Hajduka, Chief Executive Office of GreenCo, said “The signing of this PPA marks a tremendous shift towards the sustainable development of the national and regional power markets. GreenCo and AMEA Power have within a few months made immense strides and paved the way for an efficiently structured project development and offtake model to be rolled out in South Africa. In addition, GreenCo is very confident in the future of energy markets knowing that institutions like Standard Bank are supporting innovative approaches such as ours.”