Amea Power gets fresh funding: UAE renewable energy developer Amea Power has signed a USD 75 mn equity funding round from Japan’s SoftBank Group (SBG), according to a statement. The investment represents the Emirati firm’s first external equity funding after years of being privately funded by its founding shareholders, the Al Nowais family.

What we know: The all-equity capital raise from SBG will allow both firms to “explore a mutual partnership, which will lead to maximizing the value creation of Amea Power mainly in the Asia Pacific, Middle East and Africa (AMEA) region,” the statement read. “The funds raised will enable us to accelerate our strategic ambitions, materialize further projects in the power, water and green hydrogen sectors, and to continue to further expand our presence in target markets,” Amea Power Chairman Hussain Al Nowais said.

More investors incoming? Several unnamed international institutional strategic corporate financial investors are considering potential investments in Amea Power, the statement said, without providing further details.

Amea has an ambitious pipeline: Amea Power currently has a generation capacity — operational and under construction — of around 1.45 GW, with a clean energy pipeline of nearly 6 GW across 15 countries, according to the statement. It is considering expansions into more regions in the Middle East including Kazakhstan, Uzbekistan, and Azerbaijan, as well as Southeast Asia, it added.

And several projects are well on their way: Amunet — an Egyptian special purpose vehicle that is 60% owned by Amea Power and 40% owned by Japan’s Sumitomo — is building the USD 709 mn Ras Ghareb wind farm in Egypt. Construction of the project began in March and is expected to be completed by 2025. Amea is also among companies and consortiums bidding for several desalination plants in Egypt as part of the first phase of the government’s desalination program. The company was awarded a concession and power purchase agreement for Tunisia’s 100 MW Kairouan solar plant in March 2022.