ANAS Power will develop, own and operate a 500 MW solar PV plant to be located in Aswan Governorate, Egypt. The project is financed by the International Finance Corporation (IFC), a member of the World Bank Group, the Netherlands Business Development Bank (FMO) and the Japan International Cooperation Agency (JICA).
The 500 MW wind farm located in the Red Sea Governorate is being developed in partnership with Sumitomo Corporation, which will hold a 40% stake in the Project. The financing is provided by a consortium of banks including the Japan Bank for International Cooperation (JBIC) and IFC, with Standard Chartered Bank, Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Trust Bank participating as co-lenders under Nippon Export and Investment Insurance. NEXI) cover.
Both projects have already secured Power Purchase Agreements (PPAs) with the Egyptian Electricity Transmission Company (EETC) and Usufruct Agreements with the New and Renewable Energy Authority (NREA), which have completed their feasibility studies.
Hussain Al Nowais, Chairman of ANAS Power, said: “These landmark projects reflect the long-term commitment, ambition and growth of ANAS Power. The company is leading the development of renewable energy in Africa that will bring clean energy to millions of people across the continent through its global and regional partnerships.
“We are proud to reach this important milestone and support Egypt in its energy transition journey and accelerate sustainable development. Today’s achievement would not have been possible without the hard work of ANAS power’s world-class team, the support of our project partners, creditors, consultants, and the cooperation of the Egyptian government.”
The projects will support Egypt’s renewable energy ambitions while supporting economic and social development in the region. The Egyptian government is working to increase the supply of electricity from renewable sources to 42% by 2035.
“These projects highlight the important role of the private sector in helping to deliver clean, affordable energy, especially as challenges from climate change and environmental pressures mount,” said Cheick-Oumar Sylla, IFC’s Regional Director for North Africa and the Horn of Africa. .
“Egypt has ambitious renewable energy goals and we are proud to support ANAS’s expansion into Africa and its partnership with Egypt to accelerate the country’s transition to renewable energy.”
ANAS Power also recently signed a Framework Agreement with the Egyptian government to develop a large-scale green hydrogen project as part of the United Nations Climate Change Conference (COP27) held in Sharm El Sheikh. production of green ammonia. After the 1 GW plant is completed, it will be able to produce 800,000 tons of green ammonia per year for export.
ANAS Power is rapidly expanding its investments in wind, solar, energy storage and green hydrogen, demonstrating its long-term commitment to the global energy transition. The company has approximately 6 GW of clean energy pipelines in 15 countries.