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AMEA Power Achieves Financial Close on 120 MW Doornhoek Solar PV Project in South Africa
The project, valued at USD 120 million, represents the company's first operational asset in South Africa.
June 12, 2024. By Abha Rustagi
AMEA Power, a renewable energy company from the Middle East, has announced the financial close of its 120 MW Doornhoek Solar Photovoltaic (PV) Project, situated near Klerksdorp in South Africa’s North West Province.
The project, valued at USD 120 million, represents the company's first operational asset in South Africa.
The Doornhoek project, which was secured through the sixth bid window of South Africa's Renewable Energy Independent Power Producer Procurement Programme (REIPPPP), involves a consortium led by AMEA Power. The company partnered with Ziyanda Energy and Dzimuzwo Energy, both wholly owned by African women, demonstrating a commitment to inclusivity and local empowerment.
“We are delighted to reach financial close on the 120 MW 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,” said Hussain Al Nowais, Chairman of AMEA Power.
The financial structure of the project includes backing from Standard Bank South Africa, which provided USD 100 million in debt funding (approximately ZAR 1,800 million), and the Industrial Development Corporation, which contributed USD 8 million in equity funding (approximately ZAR 150 million) to the local partners.
George Kotsovos, Standard Bank Group’s Executive of Energy and Infrastructure Finance, expressed pride in the partnership. “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 325 GWh of clean energy per year and power an estimated 97,000 households in support of our country’s energy requirements in a sustainable manner,” said Kotsovos.
The project’s Power Purchase Agreement (PPA) was signed on April 30, 2024, in a ceremony attended by South Africa’s Minister of Mineral Resources and Energy, Gwede Mantashe; Eskom Group Executive for Transmission, Segomoco M. Scheppers; and Chairman of AMEA Power, Hussain Al Nowais. The event also saw participation from Mahash Saeed Alhameli, UAE Ambassador to South Africa; Sibongile Mduli, CEO of Ziyanda Energy; and Lusani Madali, Managing Director of Dzimuzwo Energy.
Scheduled to commence commercial operations by December 2025, the Doornhoek Solar PV Project is expected to generate 325 GWh of clean energy annually, which will power approximately 97,000 households and offset 330,000 tonnes of carbon emissions each year.
The project, valued at USD 120 million, represents the company's first operational asset in South Africa.
The Doornhoek project, which was secured through the sixth bid window of South Africa's Renewable Energy Independent Power Producer Procurement Programme (REIPPPP), involves a consortium led by AMEA Power. The company partnered with Ziyanda Energy and Dzimuzwo Energy, both wholly owned by African women, demonstrating a commitment to inclusivity and local empowerment.
“We are delighted to reach financial close on the 120 MW 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,” said Hussain Al Nowais, Chairman of AMEA Power.
The financial structure of the project includes backing from Standard Bank South Africa, which provided USD 100 million in debt funding (approximately ZAR 1,800 million), and the Industrial Development Corporation, which contributed USD 8 million in equity funding (approximately ZAR 150 million) to the local partners.
George Kotsovos, Standard Bank Group’s Executive of Energy and Infrastructure Finance, expressed pride in the partnership. “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 325 GWh of clean energy per year and power an estimated 97,000 households in support of our country’s energy requirements in a sustainable manner,” said Kotsovos.
The project’s Power Purchase Agreement (PPA) was signed on April 30, 2024, in a ceremony attended by South Africa’s Minister of Mineral Resources and Energy, Gwede Mantashe; Eskom Group Executive for Transmission, Segomoco M. Scheppers; and Chairman of AMEA Power, Hussain Al Nowais. The event also saw participation from Mahash Saeed Alhameli, UAE Ambassador to South Africa; Sibongile Mduli, CEO of Ziyanda Energy; and Lusani Madali, Managing Director of Dzimuzwo Energy.
Scheduled to commence commercial operations by December 2025, the Doornhoek Solar PV Project is expected to generate 325 GWh of clean energy annually, which will power approximately 97,000 households and offset 330,000 tonnes of carbon emissions each year.
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