AMEA Power Secures Financing for 120 MW Doornhoek Solar Project

AMEA Power, a developer, owner, and operator of renewable energy projects, reached financial closure for its 120 MW Doornhoek Solar project located in South Africa. When commissioned, the $120 million project will be the company’s first operational asset in the country.

AMEA Power holds a majority stake in the solar project and has partnered with Ziyanda Energy and Dzimuzwo Energy, which are wholly owned by African women.

Standard Bank South Africa provided $100 million (~ZAR1,800 million) of debt funding to the company, and the Industrial Development Corporation provided $8 million (~ZAR150 million) of equity funding to Ziyanda Energy and Dzimuzwo Energy.

The project is located near the town of Klerksdorp in the Northwestern Province of South Africa and is expected to begin commercial operations by December 2025. Once operational, the project will generate 325 GWh of clean electricity.

Industrial Development Corporation’s Interim Chief Executive Officer, David Jarvis, said: “The IDC is pleased to be partnering with AMEA for its inaugural utility-scale solar project in South Africa. We are especially excited to facilitate the equity participation and operational involvement of two new black women-owned entrants in the energy sector. We are committed to replicating this role in future energy projects to achieve the goal of enabling meaningful transformation in the sector.”

According to Mercom’s Q1 2024 Solar Funding and M&A report, large-scale project funding announced in Q1 2024 came to $13 billion in 62 deals, a decrease of 24% QoQ compared to $17.1 billion in 60 deals in Q4 2023.

GoldenPeaks Capital (GPC), an independent renewable energy power producer, recently closed financing for 64.5 MW solar projects located in northeast Hungary. Erste Group and Erste Bank Hungary provided the senior financing. The junior financing package was backed by a fund managed by Schelcher Prince Gestion(“SPG”), a French asset manager.