DUBAI: Egypt has sealed an agreement with AMEA Power a $1.1 billion agreement for a solar project and a wind farm with a combined capacity of about 1 gigawatt (GW). The Emirati renewable energy company will build, own and operate a 500-megawatt solar facility in Aswan governorate of Egypt and a 500MW wind farm at the Red Sea governorate. The wind farm will be developed in partnership with Sumitomo Corporation, who will own 40 percent equity in the project. The solar plant, meanwhile, is being financed by International Finance Corporation, Dutch Entrepreneurial Development Bank and the Japan International Cooperation Agency. The projects will boost the renewable energy ambitions of Egypt, along with supporting economic and social development within the region, a report from state news agency WAM said. Cairo is aiming to source electricity from renewable energy platforms by as much as 42 percent by 2035. Construction of both projects will commence this month, with completion of the solar plant expected after 18 months and of the wind farm after 30 months.