AMEA Power reaches financial close on South African PV plant

AMEA Power is the majority shareholder in the 120 MW solar PV project, and had 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 US$100 million (approximately ZAR1 800 million) to AMEA Power, while Industrial Development Corporation provided the US$8 million (approximately ZAR150 million) of equity funding to the local partners.

“We are delighted to reach financial close on the 120 MW 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 also grateful for the support from our lenders and that of the South African government for turning this project into a reality,” said AMEA Power’s Chairman, Hussain Al Nowais. “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 325 GWh/y of clean energy and power an estimated 97 000 households in support of our country’s energy requirements in a sustainable manner.”

“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. We are committed to replicating this role in future energy projects to achieve the goal of enabling meaningful transformation in the sector,” commented Industrial Development Corporation’s Interim CEO, David Jarvis.

The 120 MW Doornhoek Solar PV Project is located near the town of Klerksdorp in the North Western Province, and will generate 325 GWh of clean energy, power an estimated 97 000 households and offset 330 000 tpy of carbon emissions. The 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.

For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.

Energy Global's Spring 2024 issue

The Spring 2024 issue of Energy Global starts with a guest comment from Field on how battery storage sites can serve as a viable solution to curtailed energy, before moving on to a regional report from Théodore Reed-Martin, Editorial Assistant, Energy Global, looking at the state of renewables in Europe. This issue also hosts an array of technical articles on electrical infrastructure, turbine and blade monitoring, battery storage technology, coatings, and more.

Read the article online at: https://www.energyglobal.com/solar/07062024/amea-power-reaches-financial-close-on-south-african-pv-plant/