UAE’s Amea Power wants to drum up funds for expansion overseas: UAE renewables company Amea Power plans to raise USD 400 mn in a new equity funding round to support its expansion plans into new markets, the company’s chair Hussein Al Nuwais told Asharq Business in an interview last week. Amea — which has been making strides in both the regional and African clean energy sector lately — plans to use the proceeds to expand into Central Asia, with plans to announce a 1 GW solar or wind energy project in the region “in the next three months,” Al Nuwais said, adding that the company is also looking to expand its foothold in other MENA markets beyond Egypt, Morocco, and Tunisia.

More details: Amea Power — which closed a USD 75 mn equity funding round that saw Japan’s Softbank snap up 40% of its shares in a company last July — says the new offering will still see it retain a majority of its book value. The UK’s Citibank will serve as the company’s financial counsel for the planned transaction, serving as the advisor in attracting investors to the company’s upcoming stake offering.

Amea has plans for Egypt and Morocco: Beyond the company’s planned 1 GW green hydrogen plant in Egypt — for which it recently concluded its feasibility study — Amea says it will announce an even larger utility-scale project in the country “soon,” and is looking to develop a similar green hydrogen project in Morocco, according to Al Nuwais.

Acquisition, bond issuances, and IPO plans in the offing: To quickly expand its operations into targeted foreign markets, the company says it is considering the acquisition of two companies it did not name, one based in Turkey and the other in MENA, and Al Nowais noted that Amea may publicly list its shares in the next three to four years. Beyond acquisition agreements and IPO ambitions, the company also says it is in talks with the African Development Bank, the Abu Dhabi Fund for Development, and other international lenders to explore the possibility of financing its expansion plans through green bond issuances, he noted.