UAE renewables developer Amea has secured $1.1bn in financing for two 500MW projects in Egypt, the firm announced on 30 November. The firm will build, own and operate a 500MW solar plant at Kom Ombo, in southern Egypt while a 500MW wind farm at Ras Gharib on the Red Sea is being developed in partnership with Japan’s Sumitomo, Amea says.

Financing for the solar park has been secured from the World Bank’s International Finance Corporation (IFC), the Dutch Entrepreneurial Development Bank (FMO) and the Japan International Cooperation Agency (JICA), with a potential start-up date of 2H 2024 according to a MEES source. (CONTINUED - 366 WORDS)