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New Million Fund Launched to Ignite Egypt’s Startup Ecosystem!

Foundation Ventures, a Cairo-based VC firm, has successfully completed the first close of its million fund, FVFII. This move highlights their commitment to bolstering Egypt's entrepreneurial ecosystem. Stay informed with Africazine for the latest updates on venture capital developments in the region.
HomeAfricaExciting Solar Surge: A New 500 MW Renewable Energy Plant Takes Root...

Exciting Solar Surge: A New 500 MW Renewable Energy Plant Takes Root in Egypt!

A New Dawn for Renewable Energy in Egypt: Amea Power's Abydos Solar Plant Goes Live

In a significant boost for sustainable energy in Africa, Dubai-based developer Amea Power has proudly announced that its 500 MW Abydos solar plant in Aswan Governorate, southern Egypt, is now fully operational. This remarkable achievement comes just 18 months after construction commenced, positioning the Abydos facility as Egypt’s largest solar power project to date.

The Abydos solar plant is set to transform the energy landscape of Egypt, generating an impressive approximately 1,500 GWh of clean energy annually. This amount is sufficient to power around 300,000 homes, demonstrating a substantial commitment to sustainable living and energy independence. As countries around Africa strive to meet their growing energy needs and combat climate change, projects like Abydos serve as beacons of hope and inspiration.

The financial backing for this grand venture came from robust partnerships, including the International Finance Corporation, the Dutch Entrepreneurial Development Bank, and the Japan International Cooperation Agency. Not stopping with solar energy, Amea Power is also making strides in wind energy, with a 500 MW wind farm in the pipeline expected to be completed by the first quarter of 2025.

Amea Power Chairman Hussain Al Nowais emphasized that the Abydos plant represents a critical milestone in Egypt’s ambitious goal to derive 42% of its energy from renewable sources by 2030. This aligns seamlessly with the government’s vision of a greener, more sustainable future for all its citizens.

In September, the company unveiled plans to further expand its clean energy portfolio, announcing intentions to develop 1 GW of solar power along with 600 MW of battery energy storage (BESS). Upon completion, this initiative will become the largest project of its kind in Africa, underscoring Amea Power’s pivotal role in the continent’s energy transition.

Furthermore, work is already underway for an additional 300 MWh of BESS at the Abydos site, reinforced by power purchase agreements with the state-owned Egyptian Electricity Transmission Company. According to the International Renewable Energy Agency (IRENA), Egypt had deployed 1.8 GW of solar capacity by the end of 2023, marking a significant step towards a more sustainable energy future.

As the world looks toward innovative solutions to climate change and energy deficits, Egypt is carving its path towards renewable energy leadership in Africa—serving not only its interests but also setting a glowing example for neighboring countries.

#Egypt #RenewableEnergy #AmeaPower #ClimateChange #SustainableLiving #BusinessNews #WorldNews