Amunet wind farm

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The project includes the construction of the 505MW Amunet wind farm, located in the Gulf of Suez area of Egypt approximately 9km North-West of Ras Ghareb on the Red Sea. The wind farm will be developed by Amunet Wind Power Company S.A.E., a special purpose vehicle owned by AMEA Power (60%) and Sumitomo Corporation (40%). AMEA Power signed with local utility Egyptian Electricity Transmission Company (EETC) the 25-year PPA for the independent power project back in December 2019 at $0.031/kWh. The Ministry of Finance of Egypt has also issued a guarantee for the PPA. The total cost of the project is $709 million, financed on a 80:20 debt-to-equity ratio. The debt financing is being provided by a consortium of banks, including JBIC, IFC, Standard Chartered Bank, Commercial International Bank, Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank and Commercial International Bank of Egypt. The portion financed by private financial institutions will be covered by Overseas Untied Loan Insurance provided by Nippon Export and Investment Insurance (NEXI). Commercial operation scheduled to commence in 2025 and financial close was achieved on 30 November, 2022. Realfin https://ameapower.com/press-release-amea-power-completes-us1-1-billion-deal-to-deploy-1gw-of-wind-and-solar-energy-in-egypt/ https://pressroom.ifc.org/all/pages/PressDetail.aspx?ID=27299 https://www.jbic.go.jp/en/information/press/press-2022/1201-017084.html https://www.nexi.go.jp/en/topics/newsrelease/2022112101.html https://www.sumitomocorp.com/en/jp/news/release/2022/group/16200