Post by account_disabled on Feb 24, 2024 23:10:21 GMT -8
More than a gigawatt of wind and solar power for construction in Egypt will produce the cheapest green energy in Africa, the International Finance Corporation (IFC) said as it helped close a $ billion financing package for the plants.
UAE-based developer AMEA Power will build and execute the MW Abydos PV facility and the MW Amunet wind project, the latter in partnership with Japan's Sumitomo Corporation, which will own % of the wind farm .
AMEA Power said it will use China's Envision Energy as its turbine supplier for the wind project, while another Chinese player, JA Solar, will equip the photovoltaic plant .
IFC said the , GWh of power generated by the two plants will bring green electricity to one million Egyptians. “Power from the solar park and wind farm will be priced at two US cents/kWh and three US cents/kWh respectively, which are the lowest rates in Africa and are between the cheapest rates globally,” added the IFC, which joined forces with lenders from the United Arab Emir C Level Executive List ates, Japan and the Netherlands and private sector banks to back the projects.
Construction of both is due to begin this month, with the solar plant expected to take months and the wind farm two and a half years. The plants have power purchase agreements in place with the Egyptian Electricity Transmission Company (EETC).
Egypt, which just hosted the COP UN climate summit , wants to get % of its energy from renewables by
The Abydos solar plant will be located near Kom Ombo in Aswan and the wind farm in the Gulf of Suez.
“These projects highlight the essential role of the private sector in helping to deliver clean, affordable energy, especially at a time of growing challenges from climate change and pressures on the environment,” said Cheick-Oumar Sylla, IFC regional director for North Africa and the Horn of Africa.
Dubai-based AMEA Power has already submitted plans for a GW green hydrogen facility in Egypt and has a GW pipeline across countries.
UAE-based developer AMEA Power will build and execute the MW Abydos PV facility and the MW Amunet wind project, the latter in partnership with Japan's Sumitomo Corporation, which will own % of the wind farm .
AMEA Power said it will use China's Envision Energy as its turbine supplier for the wind project, while another Chinese player, JA Solar, will equip the photovoltaic plant .
IFC said the , GWh of power generated by the two plants will bring green electricity to one million Egyptians. “Power from the solar park and wind farm will be priced at two US cents/kWh and three US cents/kWh respectively, which are the lowest rates in Africa and are between the cheapest rates globally,” added the IFC, which joined forces with lenders from the United Arab Emir C Level Executive List ates, Japan and the Netherlands and private sector banks to back the projects.
Construction of both is due to begin this month, with the solar plant expected to take months and the wind farm two and a half years. The plants have power purchase agreements in place with the Egyptian Electricity Transmission Company (EETC).
Egypt, which just hosted the COP UN climate summit , wants to get % of its energy from renewables by
The Abydos solar plant will be located near Kom Ombo in Aswan and the wind farm in the Gulf of Suez.
“These projects highlight the essential role of the private sector in helping to deliver clean, affordable energy, especially at a time of growing challenges from climate change and pressures on the environment,” said Cheick-Oumar Sylla, IFC regional director for North Africa and the Horn of Africa.
Dubai-based AMEA Power has already submitted plans for a GW green hydrogen facility in Egypt and has a GW pipeline across countries.