Dubai International Chamber backs AMEA Power’s expansion into Africa

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UAE – Dubai International Chamber has contributed to the expansion of UAE-based renewable energy firm AMEA Power into the African continent through its business in Mozambique.

The company will work with Mozambique's Hidropower to develop the 125 megawatt-peak (MWp) Matambo solar photovoltaic (PV) power plant in a project worth up to $150 million, according to a press release.

The construction of the facility in Mozambique comes under the terms of a partnership agreement signed between AMEA Power and Dubai International Chamber on the sidelines of COP28 and witnessed by Banco Nacional de Investimento.

Dubai International Chamber currently has seven representative offices across the African continent in Egypt, Ethiopia, Ghana, Kenya, Mozambique, Nigeria, and South Africa.

President and CEO of Dubai Chambers, Mohammad Ali Rashed Lootah, commented: “AMEA Power’s successful entry into the Mozambique market underlines the impact of our efforts to stimulate the growth of local companies and conclude rewarding deals that positively reflect on the private sector in Dubai and further strengthen the emirate's position as an ideal platform for global expansion.”

Lootah added: “Africa is a highly important strategic market, and we remain committed to identifying new opportunities on the continent, as well as priority markets worldwide that hold strong potential for businesses in Dubai.”

From his side, Hussain Al Nowais, Chairman of AMEA Power, said: “AMEA Power is proud to play a role in Mozambique’s national energy generation mix, and we look forward to working closely with our local partners Hidropower and BNI, the regulator, utility, and the government in unlocking the clean energy transition to enable green industrialisation in the country.”

Al Nowais concluded: “The demand for renewable energy in Mozambique and the Southern African region as a whole is increasing; this solar photovoltaic project will not only help meet this demand, but also significantly reduce carbon emissions.”

The Matambo Solar Energy Project aims to reduce Mozambique's carbon dioxide emissions by nearly 232,900 tonnes per year in addition to providing electricity to more than 150,000 homes and creating over 1,500 jobs during the construction phase.

Founded in 2016, AMEA Power has built its expansion into Mozambique on its existing footprint in Africa, which includes projects in Burkina Faso, Egypt, Jordan, Morocco, and Togo.

In the first nine months (9M) of 2023, Dubai International Chamber attracted a total of 92 new businesses, including 15 multinational companies and 77 SMEs, to Dubai.

Meanwhile in 2022, Egypt witnessed the signing of financial closure agreements between AMEA Power and international financing institutions at a value of $1.10 billion.