The Egyptian Cabinet has given its approval to a proposal from AMEA Power, a renewable energy company based in the UAE, to construct solar and wind power projects in Egypt with a combined capacity of 1,500 megawatts (MWs).
This proposal involves expanding AMEA Power’s existing solar power projects in Aswan by 1,000 MWs and building a 500 MW wind power plant in Ras Ghareb, a city in the Red Sea region.
AMEA Power is currently engaged in the construction of 1 gigawatt of solar and wind plants in Egypt through its subsidiaries, Abydos Solar and Amunet Wind Power.
In December, international partners, including the International Finance Corporation (IFC), announced a $1.1 billion financing package to support AMEA Power’s projects in Egypt.
Established in 2016 and headquartered in Dubai, AMEA Power, a subsidiary of Al Nowais Investments, is one of the largest renewable energy companies in the region, with a clean energy portfolio exceeding 6 gigawatts spanning 20 countries.
Egypt is actively working to establish itself as a regional hub for renewable energy and is committed to global climate change mitigation efforts.
In June, the Egyptian government updated its Nationally Determined Contributions (NDC), setting more ambitious targets for reducing greenhouse gas emissions (GHG) and securing the necessary funding for achieving these goals. One of the key components of the NDC plan is a 37 per cent reduction in GHG emissions from electricity generation, transmission, and distribution by 2030.