AMEA Power Signs PPA with GreenCo for Energy Offtake from 85MW Solar PV Power Plant in South Africa
AMEA Power announced that it has executed a 25-year Power Purchase Agreement (PPA) with GreenCo Power Services (Pty) Limited (GreenCo) for the energy offtake from the 85MW solar PV power plant.
April 26, 2023. By News Bureau
The construction of the project is set to be financed by Standard Bank of South Africa (Standard Bank), a key financial institution in sub-Saharan Africa that is actively involved in financing green energy transition projects.
The PPA signing was witnessed by HE Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the United Arab Emirates, and HE Ebrahim Patel, Minister of Trade and Industry for the Republic of South Africa.
The 85MW solar PV power plant will be located in the North West Province in South Africa, and is expected to achieve financial close and commence construction during the third quarter of 2023. The solar plant will start delivering power into the national grid in early 2025 and will generate around 220GWh of clean energy per year.
AMEA Power, GreenCo and Standard Bank have also entered into a cooperation agreement that seeks to develop a fast-track model to stimulate the onboarding of renewable energy generation in South Africa; a significant outcome that will help mitigate the current electricity crisis affecting businesses, households, and the economy as a whole.
Hussain Al Nowais, Chairman of AMEA Power, said: “The widespread electricity shortages in South Africa are impacting people’s everyday lives and crippling businesses. As part of AMEA Power’s goal to deliver clean energy across Africa, the Company is on track to deliver several large renewable energy projects in South Africa over the coming few years. As part of our long-term commitment to South Africa, AMEA Power will invest in different clean energy solutions, establish strategic partnerships with local companies and has opened a new regional hub, which will help us accelerate our activities.”
Ana Hajduka, Chief Executive Office of GreenCo, said: “The signing of this PPA marks a tremendous shift towards the sustainable development of the national and regional power markets. GreenCo and AMEA Power have within a few months made immense strides and paved the way for an efficiently structured project development and offtake model to be rolled out in South Africa. In addition, GreenCo is very confident in the future of energy markets knowing that institutions like Standard Bank are supporting innovative approaches such as ours.”
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