SoftBank Group Corp., a Japanese investment holding company, has invested $75 million in AMEA Power, a rapidly expanding renewable energy developer in Africa. This marks the first instance of external equity funding for AMEA Power, which had been privately funded by its founding shareholders, AlNowais Investments LLC, for several years.
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.
The capital raise from Softbank is an all-equity round. Several international institutional, strategic corporate, and financial investors are also evaluating a potential investment.
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 6 GW across 15 countries. 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.
Hussain Al Nowais, the Chairman of AMEA Power, expressed pride in welcoming SBG as a new investor in the company and achieving a noteworthy milestone with a key investor in the global energy transition. The raised funds will facilitate the acceleration of AMEA Power’s strategic goals, including the implementation of additional projects in the power, water, and green hydrogen sectors, as well as the expansion of their market presence in targeted regions. AMEA Power is experiencing rapid growth and is excellently positioned to lead and expedite the worldwide pursuit of achieving net-zero emissions.
