AMEA Power, a renewable energy firm in the Middle East, announced it reached financial close for its 120MW Doornhoek Solar Photovoltaic (PV) Project in South Africa.
This USD $120m project will be the company’s first operational asset in the country upon commissioning. The Power Purchasing agreement was signed on 30 April.
Hussain Al Nowais, Chairman of AMEA Power, says: “We are delighted to reach financial close on the 120MW Doornhoek solar project in South Africa. The country has vast renewable energy opportunities, and we are proud that this project will support South Africa in its renewable energy transition.”
As the majority shareholder, AMEA Power has partnered with Ziyanda Energy and Dzimuzwo Energy, both entirely owned by African women.
The project was awarded through Bid Window 6 of the REIPPPP. Standard Bank South Africa provided USD $100m (approximately ZAR1,800m) in debt funding, while the Industrial Development Corporation contributed USD $8m (approximately ZAR150m) in equity funding to the local partners.
George Kotsovos, Executive of Energy and Infrastructure Finance at Standard Bank Group, adds: “We are extremely proud to have partnered with AMEA Power, Ziyanda Energy, and Dzimuzwo Energy on a project that will generate more than 325GWh of clean energy per year and power an estimated 97,000 households sustainably.”
