AMEA Power has reached a financial close on its 120MW Doornhoek Solar PV Project in South Africa, it has announced.
AMEA Power is the majority shareholder in the solar PV project and partnered with Ziyanda Energy and Dzimuzwo Energy, which are wholly owned by African women.
The company shared that when commissioned, the US$120 million project will be its first operational asset in the country.
The project was first awarded to the consortium through Bid Window 6 of the REIPPPP.
Standard Bank South Africa provided USD100 million (approximately ZAR1,800 million) in debt funding to AMEA Power, while Industrial Development Corporation provided USD8 million (approximately ZAR150 million) in equity funding to the local partners.
The project is set to produce 325GWh of clean energy and power an estimated 97,000 households, it was shared.
It is expected to commence commercial operations by December 2025.
AMEA Power’s Chairman, Hussain Al Nowais, commented: “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.”
Industrial Development Corporation’s Interim Chief Executive Officer, David Jarvis, added: “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,” said Jarvis.
AMEA Power also noted that, as part of its “Community Investment and Development Program,” the company will implement initiatives aligned with the United Nations’ Sustainable Development Goals aimed at benefitting the socio-economic growth and development of the local community.