Dubai-based AMEA Power secures $75mln from Japan’s SoftBank

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The Japanese entity will be the first external investor in AMEA Power after years of being privately funded by AlNowais Investments.

SoftBank’s financing will open the door for several international entities and financial investors who are also evaluating a potential investment.

AMEA Power, which was established in 2016, has already completed a number of projects in Africa and the Middle East (AME) besides other emerging markets. It also has a generating capacity in operation and under construction of nearly 1.45 gigawatts (GW).

The UAE firm noted that it is currently seeking expansion into new markets across the Middle East, the Commonwealth of Independent States (CIS), and Southeast Asia.

Chairman of AMEA Power, Hussain Al Nowais, said: “We are proud to welcome SBG as a new investor in AMEA Power and to reach this significant milestone with a cornerstone investor in the global energy transition.”

Al Nowais added: “The funds raised will enable us to accelerate our strategic ambitions, materialise further projects in the power, water, and green hydrogen sectors, and to continue to further expand our presence in target markets.”

It is worth noting that AMEA Power signed off a financial agreement with the Egyptian government in December 2022 to implement two renewable energy projects in Egypt with $1.10 billion investments.