Middle Eastern developer AMEA Power has reached financial close on its 120MW Doornhoek solar project located in South Africa.
When commissioned, the $120m project will be the company’s first operational asset in the country.
AMEA Power is the majority shareholder in the 120MW solar project and has partnered with Ziyanda Energy and Dzimuzwo Energy, which are wholly owned by African women.
The project was first awarded to the consortium through Bid Window 6 of the REIPPPP. Standard Bank South Africa provided the debt funding of $100m to AMEA Power, while Industrial Development Corporation provided the $8mof equity funding to the local partners.
AMEA Power’s Chairman, Hussain Al Nowais, said: “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 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.”
Standard Bank Group’s Executive of Energy and Infrastructure Finance, George Kotsovos, said: “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 325GWh of clean energy per year and power an estimated 97,000 households in support of our country’s energy requirements in a sustainable manner.”
The company had signed a PPA on 30 April 2024, with His Excellency Gwede Mantashe, Minister of Mineral Resources and Energy of South Africa, Segomoco Scheppers, Eskom Group Executive for Transmission, and Hussain Al Nowais, Chairman of AMEA Power.
Also in attandence during the signing were, 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.
The Doornhoek solar project is expected to commence commercial operations by December 2025.
As part of 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, which are aligned with the United Nations’ Sustainable Development Goals.