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PPA

AMEA Power Signs PPA & IA for 300MW Wind Project in Ethiopia

by Madaline Dunn 10 months ago

written by Madaline Dunn

AMEA Power has signed a Power Purchase Agreement (PPA) and Implementation Agreement (IA) with Ethiopian Electric Power for the development and operation of a 300MW wind energy project in Ethiopia.

The USD 620 million project is located in Aysha, Somali Region State, and is expected to generate 1,400 GWh of clean energy annually.

“The 300MW Aysha-1 Wind Project marks a significant milestone for AMEA Power as we sign the Power Purchase Agreement and Implementation Agreement in Ethiopia,” commented Hussain Al Nowais, Chairman of AMEA Power.

“This endeavor will be the largest wind farm in the Horn of Africa, setting a new benchmark for project-financed renewable energy in the country. This is more than just an energy project; it is a step towards a greener future for Ethiopia. We look forward to continuing our collaboration with our partners and stakeholder,” added Al Nowais.

This project officially launched during COP28 in Dubai, where a Letter of Award (LOA) was signed between the Ministry of Finance, Ethiopian Electric Power and AMEA Power, followed AMEA Power’s qualification under the Public Private Partnership laws of Ethiopia.

During the signing ceremony, the PPA was signed with Ethiopian Electric Power, while the IA was signed with the Ministry of Finance of Ethiopia, and the Land Lease Agreement was signed with the Somali Region State Government.

According to AMEA Power, it will “work closely” with the local communities and undertake social initiatives under its ‘Community Investment and Development Programs’, specifically addressing the core areas of education and water access, among others.

The project is set to power more than four million households. Further, during the construction and operation phases, it is expected to create more than 1,500 direct jobs, AMEA Power shared.

10 months ago 0 comments

ACWA Power, Badeel, and SAPCO Sign PPAs with SPPC in Saudi Arabia

by Madaline Dunn 12 months ago

written by Madaline Dunn

ACWA Power, the Water and Electricity Holding Company (Badeel), a wholly owned company of PIF and Saudi Aramco Power Company (SAPCO), a wholly owned subsidiary of Aramco, have announced the signing of power purchase agreements (PPAs) with the Saudi Power Procurement Company (SPPC) for the development and operation of three major new solar photovoltaic (PV) projects in Saudi Arabia.

The parties shared that the Haden and Muwayh plants in the Makkah region will each have individual capacities of 2,000 MW, while the Al Khushaybi plant in the Qassim region will have a capacity of 1,500 MW.

The projects will be jointly owned by Badeel, ACWA Power and SAPCO.

The three entities are currently developing several projects with a total capacity of 13,600 MW, involving over US$9 billion of investment from PIF and its partners.

These joint projects include:

Sudair,
Shuaibah 2,
Ar Rass 2,
Al Kahfah, and
Saad 2.

The new solar PV facilities are expected to contribute an additional 5,500 MW of renewable energy to the national power grid once operational in the first half of 2027.

Financial closes are expected by the fourth quarter of 2024.

Raad Al-Saady, Vice Chairman and Managing Director of ACWA Power, said that with these projects, the company reaches 35,000 MW of renewable capacity that it controls worldwide, combined with almost 20,000 MWh of storage capacity.

Sultan AlNabulsi, Acting Chief Executive Officer from Badeel, commented: “Badeel is proud to achieve this milestone for the new three Solar PV Projects, as an anchor sponsor under PIF to achieve its commitment to develop 70% of Saudi Arabia’s renewable energy by 2030. This comes as part of PIF continued efforts to progress towards unlocking the capabilities of promising sectors and achieving Saudi Arabia’s ambitions in Renewable Energy.”

Waleed Al Saif, Aramco SVP of New Energies, said: “Through our recently established new energies portfolio, Aramco aims to support the growth of alternative energy solutions including renewables, carbon capture and storage, and lower carbon hydrogen.”

12 months ago 0 comments

Energy Latest News

AMEA Power signs 20-year PPA for 120MW solar PV project in South Africa

by Madaline Dunn 1 year ago

written by Madaline Dunn

Renewable energy company AMEA Power has signed a 20-year Power Purchase Agreement (PPA) with South African utility company Eskom for the 120MW Doornhoek Solar Photovoltaic (PV) Project, marking the company’s strategic energy into the country.

The project is located near the town of Klerksdorp, in the North West province, and will generate more than 325 GWh of clean energy per year.

Once operational, it was shared that it will power an estimated 97,000 households and offset 330,000 tonnes of carbon emissions.

The project was awarded through Bid Window 6 of the Renewable Energy Independent Power Producer Procurement (REIPPP), with AMEA Power as the majority shareholder in the USD120 million Solar PV Project.

It has also partnered with Ziyanda Energy and Dzimuzwo Consulting, wholly owned by African women.

Standard Bank South Africa will provide debt funding for the project, while the Industrial Development Corporation (IDC) will provide equity funding for the local partners, it was shared.

Hussain Al Nowais, Chairman of AMEA Power, commented: “As part of South Africa’s long-term strategy to reduce carbon emissions and enhance energy stability, the Doornhoek Solar Project will play a pivotal role in the transition towards sustainable energy solutions. We are proud to be one of the first preferred bidders from Bid Window 6 to achieve this milestone. This project exemplifies AMEA Power’s commitment to driving positive environmental impact and fostering socio-economic development.”

AMEA Power opened an office in Johannesburg last year, which operates as the company’s regional hub, covering Southern Africa.

1 year ago 0 comments

Energy Latest News

EWEC issues RFP for 1,500MW Khazna solar PV project

by Madaline Dunn 1 year ago

written by Madaline Dunn

Emirates Water and Electricity Company (EWEC) has issued a Request for Proposals (RFP) to qualified developers and consortiums that have expressed interest in developing the 1,500-megawatt (MW) Abu-Dhabi-based Khazna Solar Photovoltaic (PV) project.

EWEC shared that the RFP is being issued to bidders who passed the qualification process following the Expression of Interest (EOI) stage in September 2023.

Twenty-seven companies and consortiums submitted EOIs, while 19 companies and consortiums qualified for the RFP stage after submitting Statements of Qualification.

The RFP provides detailed requirements and proposed technical parameters for the project to support companies and consortiums in developing their submissions, said EWEC.

The chosen developer or developer consortium will own up to 40 per cent of the entity, while the Abu Dhabi Government will hold the remaining equity indirectly.

The developer will enter into a long-term power purchase agreement (PPA) with EWEC, the single buyer of power, water capacity, and output in the Emirate of Abu Dhabi.

The PPA will be structured as an energy purchase agreement in which EWEC will pay only for the net electrical energy supplied by the plant.

Once fully operational, the project, alongside Noor Abu Dhabi, Al Dhafra Solar PV and Al Ajban Solar PV, will raise the company’s total installed solar PV capacity to 5.5 gigawatts (GW).

The Khazna project alone is set to generate enough electricity for approximately 160,000 homes across the UAE.

Moreover, while the project is expected to reduce CO2 emissions by more than 2.4 million metric tonnes per year, the projects will collectively reduce CO2 emissions by more than 8.2 million metric tonnes per year by 2027, it was shared.

The Khazna Solar PV project will involve the development, financing, construction, operation, maintenance, and ownership of the plant and associated infrastructure.

Responses to the RFP are expected in Q3 2024. Following this, the company will hold a public event to confirm the companies and consortiums that have submitted proposals.

1 year ago 0 comments