AMEA Power bags USD-75m equity investment from SoftBank

Dubai-based renewables company AMEA Power LLC said on Tuesday it has secured USD 75 million (EUR 68.9m) in equity financing from Japanese technology giant Softbank Group Corp (TYO:9984) to scale up its business ahead of a potential market listing.

The investment will allow the two companies to explore a mutual partnership and bring more value for AMEA Power in countries in Asia Pacific, the Middle East and Africa.

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Currently, the UAE group has 1.45 GW of wind, solar, energy storage and green hydrogen capacity in operation and under construction and close to 6 GW of projects in the pipeline. Its future plans include further expanding into the Middle East, Kazakhstan, Uzbekistan and Azerbaijan as well as Southeast Asia.

“The funds raised will enable us to accelerate our strategic ambitions, materialise further projects in the power, water and green hydrogen sectors, and to continue to further expand our presence in target markets,” said Hussain Al Nowais, chairman of AMEA Power.

Softbank’s all-equity support is AMEA Power’s first external equity funding, the company noted. According to the statement, several international institutional corporate and financial investors are also considering potential investments.

(USD 1.0 = EUR 0.918)