The project was first awarded to a consortium consisting of AMEA Power and local partners through bidding period 6.
The project received debt financing of $100 million (approximately ZAR1.8 billion) from Standard Bank South Africa, while the Industrial Development Corporation provided equity financing of $8 million (approximately ZAR150 million) to the partners. locals, Ziyanda Energy and Dzimuzwo Energy.
The project was first awarded to a consortium consisting of AMEA Power and local partners through bidding window 6 of the Renewable Energy Independent Producer Procurement Program (REIPPPP).
AMEA Power, one of the fastest growing renewable energy companies based in the Middle East, today announced that it has reached financial close on its 120 MW Doornhoek solar photovoltaic (PV) project located in South Africa. When operational, the $120 million project will be the company’s first operational asset in the country.
AMEA Power is the majority shareholder of the 120 MW solar PV project and has partnered with Ziyanda Energy and Dzimuzwo Energy, which are exclusively owned by African women. The project was first awarded to the consortium through bidding window 6 of the REIPPPP. Standard Bank South Africa provided debt financing of $100 million (approximately ZAR1.8 billion) to AMEA Power, while the Industrial Development Corporation provided $8 million (approximately ZAR150 million) of equity financing to local partners.
AMEA Power Chairman Hussain Al Nowais said: “We are delighted to reach financial close on the 120 MW Doornhoek solar project in South Africa. The country has ample renewable energy opportunities and we are proud that with this project we will support South Africa in its transition to renewable energy. “We also appreciate the support of our lenders and the South African government for making this project a reality.”
Standard Bank Group Energy and Infrastructure Finance Executive George Kotsovos said: “We are very 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. of clean energy per year and supply approximately 97,000 homes to meet the energy needs of our country in a sustainable manner.”
Industrial Development Corporation Acting CEO David Jarvis said: “IDC is pleased to partner with AMEA for its inaugural utility-scale solar project in South Africa. We are especially excited to facilitate the ownership and operational participation of two new Black women-owned companies in the energy sector. “We are committed to replicating this role in future energy projects to achieve the goal of enabling significant transformation in the sector.”
The company had signed a power purchase agreement on April 30, 2024 with His Excellency Gwede Mantashe, Minister of Mineral Resources and Energy of South Africa, Mr. Segomoco M. Scheppers, Eskom Group Transmission Executive, and Hussain Al Nowais , President of Energy AMEA. Also in attendance during the signing were His Excellency Mahash Saeed Alhameli, UAE Ambassador to South Africa, Sibongile Mduli, CEO of Ziyanda Energy, and Lusani Madali, CEO of Dzimuzwo Energy.
The 120 MW Doornhoek solar PV project is located near the town of Klerksdorp in the North West province and will generate 325 GWh of clean energy, powering around 97,000 homes and offsetting 330,000 tonnes of carbon emissions per year. The project is expected to begin commercial operations in December 2025.
As part of AMEA Power’s “Community Development and Investment Programme”, 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.
Dubai-based AMEA Power is a developer, owner and operator of renewable energy projects. As one of the fastest growing renewable energy companies in the region, the company is rapidly expanding its investments in wind, solar, energy storage and green hydrogen, demonstrating its long-term commitment to the global energy transition. AMEA Power has assembled a team of world-class industry experts to execute projects in Africa, the Middle East and other emerging markets.
