AMEA Power achieves financial close for project in South Africa
The firm is the majority shareholder in the 120MW solar PV project and had partnered with Ziyanda Energy and Dzimuzwo Energy.
AMEA Power announced it has reached financial close on its 120MW Doornhoek Solar Photovoltaic (PV) Project in South Africa. When commissioned, the USD120 million project will be the company’s first operational asset in the country.
AMEA Power is the majority shareholder in the 120MW solar pv project, and had partnered with Ziyanda Energy and Dzimuzwo Energy. The project was first awarded to the consortium through Bid Window 6 of the REIPPPP. Standard Bank South Africa provided the debt funding of USD100 million to AMEA Power, while Industrial Development Corporation provided the USD8 million of equity funding to the local partners.
AMEA Power’s Chairman, Hussain Al Nowais, said: “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 with this project, we will support South Africa in its renewable energy transition. We are also grateful for the support from our lenders and that of the South African government for turning this project into a reality.”
Standard Bank Group’s Executive of Energy and Infrastructure Finance, George Kotsovos, said: “We are extremely proud to have partnered with AMEA Power, Ziyanda Energy and Dzimuzwo Energy and to play a key role in the success of a project that will generate more than 325GWh of clean energy per year and power an estimated 97,000 households in support of our country’s energy requirements in a sustainable manner.”
Industrial Development Corporation’s Interim Chief Executive Officer, David Jarvis, said: “The IDC is pleased to be partnering with AMEA for its inaugural utility-scale solar project in South Africa. We are especially excited to facilitate the equity participation and operational involvement of two new black women-owned entrants in the energy sector. We are committed to replicating this role in future energy projects to achieve the goal of enabling meaningful transformation in the sector.”
The project will take shape near the town of Klerksdorp in the North Western Province, and will generate 325GWh of clean energy, power an estimated 97,000 households and offset 330,000 tonnes of carbon emissions annually. The project is expected to commence commercial operations by December 2025.
As part of AMEA Power’s “Community Investment and Development Program”, the company will implement initiatives aimed at benefiting the socio-economic growth and development of the local community, which are aligned with the United Nations’ Sustainable Development Goals, the company stated.
