AMEA Power achieves fin close on 120-MW solar project in S Africa

Dubai-based renewables developer and operator AMEA Power LLC announced on Thursday that it has reached the financial close on the 120-MW Doornhoek solar photovoltaic (PV) project in South Africa.

AMEA Power, which is the USD-120-million (EUR 110.3m) project’s majority owner, has obtained USD 100 million in debt funding from Standard Bank South Africa. At the same time, the Industrial Development Corporation has provided USD 8 million of equity funding to local partners Ziyanda Energy and Dzimuzwo Energy.

The AMEA Power-led consortium won the project in Bid Window 6 of the Renewable Energy Independent Power Producer Procurement Program (REIPPPP). It will be the Dubai-based firm’s first operating asset in the country.

The Doornhoek solar park will be built near the town of Klerksdorp in the North Western Province where it will be generating about 325 GWh of clean power a year. The project already has a power purchase agreement (PPA) in place and is expected to start commercial operations by December 2025.

(USD 1.0 = EUR 0.919)

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