Dubai-based renewable energy developer AMEA Power has signed a $75 million equity funding from SoftBank Group Corp., a Japanese investment holding company.

The company, which is eyeing an IPO, will use the funding to scale growth and expand into more territories, it said in a statement on Tuesday.

AMEA Power, which invests in wind, solar, energy storage, green hydrogen, and water desalination, has generating capacity in operation and under construction of approximately 1.45 GW. It has a clean energy pipeline of nearly 6GW across 15 countries.

Several international institutional strategic corporate and financial investors are also evaluating a potential investment, AMEA Power said.

AMEA Power's founding shareholders are the AlNowais family, which has been privately funding the company so far.

Hussain Al Nowais, Chairman of AMEA Power, said: “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."

(Reporting by Brinda Darasha; editing by Seban Scaria)