AMEA Power, a rapidly expanding renewable energy developer in Africa, has recently closed a significant equity funding round worth $75 million, led by SoftBank Group Corp. (SBG), a prominent Japanese investment holding company. This milestone marks an important step for AMEA Power, as it represents the company’s inaugural external equity funding endeavor after being privately financed by its founding shareholders, the AlNowais family, for several years.
SBG’s investment will enable AMEA Power and SBG to explore a collaborative partnership, aimed at maximizing the value creation of AMEA Power primarily in the AMEA region. Softbank’s funding will be in the form of an all-equity round. Additionally, various international institutional, strategic corporate, and financial investors are also considering potential investments.
AMEA Power, established in 2016, has gathered a highly skilled team of industry experts dedicated to executing projects in Africa, the Middle East, and other emerging markets. The company is rapidly expanding its investments in renewable energy sectors such as wind, solar, energy storage, green hydrogen, and water desalination, illustrating its firm commitment to the global energy transition. Currently, AMEA Power has operational and under-construction generating capacity of approximately 1.45 GW. Furthermore, the company boasts a clean energy pipeline of nearly 6 GW spanning 15 countries
Hussain Al Nowais, the Chairman of AMEA Power, expressed his pride in welcoming SBG as a new investor in the company and achieving a significant milestone in the global energy transition. The funds raised will play a crucial role in accelerating AMEA Power’s strategic goals, facilitating the realization of projects in the power, water, and green hydrogen sectors. Moreover, it will support the expansion of the company’s presence in target markets. With its rapid growth, AMEA Power is well-positioned to lead and expedite the worldwide pursuit of achieving net-zero emissions.
Having achieved success in Africa, AMEA Power is now poised to extend its operations into additional territories in the Middle East, as well as CIS countries like Kazakhstan, Uzbekistan, and Azerbaijan, and Southeast Asia. In line with its commitment to economic and social development, the company collaborates closely with local stakeholders to establish programs that uplift the surrounding communities near its renewable energy projects.