AMEA Power has inked Power Purchase Agreement with GreenCo Power Services for an 85MW solar PV power plant in South Africa.
AMEA, a renewable energy company based in the Middle East, has done the PPA for 25 years. It has been informed that the project will be financed by Standard Bank of South Africa.
According to the company, the solar plant will generate around 220GWh of clean energy annually.
It has been reported that AMEA Power, GreenCo and Standard Bank have also signed a cooperation agreement “to develop a fast-track model to stimulate the onboarding of renewable energy generation in South Africa.”
Hussain Al Nowais, Chairman of AMEA Power, was quoted in a statement, “The widespread electricity shortages in South Africa are impacting people’s everyday lives and crippling businesses. As part of AMEA Power’s goal to deliver clean energy across Africa, the Company is on track to deliver several large renewable energy projects in South Africa over the coming few years.”
Similarly, Ana Hajduka, Chief Executive Office of GreenCo, commented, “The signing of this PPA marks a tremendous shift towards the sustainable development of the national and regional power markets. GreenCo and AMEA Power have within a few months made immense strides and paved the way for an efficiently structured project development and offtake model to be rolled out in South Africa.”
The duo has expected that the signing of the PPA will stimulate renewable energy generation in South Africa.
The project is likely to commence construction later this year and start delivering power into the national grid by 2025.