The Egyptian government has finalised agreements with Emirati firm AMEA Power to build a solar park and a wind farm with a combined capacity of more than a gigawatt in a USD 1.1 billion deal.
The deal provides for AMEA to build a 560 MW solar plant in southern Egypt and a 505 MW wind farm on the Red Sea coast. The deal is supported with debt and equity financing from the International Finance Corporation and several development and commercial banks. Power from the solar park and the wind farm will be priced at two U.S. cents per kilowatt hour and three U.S. cents per kilowatt hour respectively. Construction of both projects is due to start in December 2022, with completion of the Abydos solar plant expected after 18 months and of the Amunet wind farm after 30 months.