May 20, 2024

AMEA Power announces a USD75 mln funding round from the SoftBank Group

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Hussain Al Nowais, Chairman of AMEA Power
Hussain Al Nowais, Chairman of AMEA Power

AMEA Power, one of the fastest growing renewable energy developers in Africa, has signed a USD 75 million equity funding round from SoftBank Group Corp. (“SBG”), a Japanese investment holding company. This represents AMEA Power’s first external equity funding following years of being privately funded by its founding shareholders, the AlNowais family. SBG’s funding will allow AMEA Power and SBG to explore a mutual partnership, which will lead to maximizing the value creation of AMEA Power mainly in the AMEA region.

AMEA & Softbank logo

The capital raise from Softbank is an all-equity round. Several international institutional strategic corporate and financial investors are also evaluating a potential investment. Founded in 2016, AMEA Power has assembled a world class team of industry experts to deliver projects across Africa, the Middle East and other emerging markets. AMEA Power is quickly scaling up its investments in wind, solar, energy storage, green hydrogen, and water desalination demonstrating its long-term commitment to the global energy transition. AMEA Power has generating capacity in operation and under construction of approximately 1.45 GW and the Company has a clean energy pipeline of nearly 6GW across 15 countries.

Hussain Al Nowais, Chairman of AMEA Power, 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. 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. AMEA Power is rapidly expanding and perfectly positioned to lead and accelerate the global race to net zero”.

Building on its success in Africa, AMEA Power is now looking to expand into more territories in the Middle East, the CIS countries such as Kazakhstan, Uzbekistan and Azerbaijan and Southeast Asia. As part of its commitment to economic and social development, AMEA Power works closely with local stakeholders to establish programs that advance local communities in proximity to our renewable energy projects.

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