AMEA Power Secured Financial Closure for the 120MW Doornhoek Solar Project in South Africa

AMEA Power, a rapidly expanding renewable energy company based in the Middle East, announced today that it has reached financial close for its 120MW Doornhoek Solar Photovoltaic (PV) Project in South Africa. This US$120 million project will be the company’s first operational asset in the country upon commissioning.

As the majority shareholder, AMEA Power has partnered with Ziyanda Energy and Dzimuzwo Energy, both wholly owned by African women. The project was awarded to the consortium through Bid Window 6 of the REIPPPP. Standard Bank South Africa provided USD100 million (approximately ZAR1,800 million) in debt funding, while the Industrial Development Corporation contributed USD8 million (approximately ZAR150 million) in equity funding to the local partners.

Hussain Al Nowais, Chairman of AMEA Power, expressed his satisfaction, stating, “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 this project will support South Africa in its renewable energy transition. We are also grateful for the support from our lenders and the South African government for turning this project into a reality.”

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George Kotsovos, Executive of Energy and Infrastructure Finance at Standard Bank Group, highlighted the project’s impact, saying, “We are extremely proud to have partnered with AMEA Power, Ziyanda Energy, and Dzimuzwo Energy on a project that will generate more than 325GWh of clean energy per year and power an estimated 97,000 households sustainably.”

David Jarvis, Interim CEO of the Industrial Development Corporation, emphasized the project’s significance, stating, “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.”

On April 30th, 2024, a Power Purchase Agreement was signed with His Excellency Gwede Mantashe, South Africa’s Minister of Mineral Resources and Energy, Mr. Segomoco M. Scheppers, Eskom Group Executive for Transmission, and Hussain Al Nowais, Chairman of AMEA Power. The signing was attended by His Excellency Mahash Saeed Alhameli, the UAE Ambassador to South Africa, Sibongile Mduli, CEO of Ziyanda Energy, and Lusani Madali, Managing Director of Dzimuzwo Energy.

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Located near Klerksdorp in the North West Province, the 120MW Doornhoek Solar PV Project is set to generate 325GWh of clean energy annually, powering approximately 97,000 households and offsetting 330,000 tonnes of carbon emissions each year. Commercial operations are expected to commence by December 2025.

In line with 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, aligned with the United Nations’ Sustainable Development Goals.