The World Bank Group’s Multilateral Investment Guarantee Agency has signed a framework agreement with Dubai-headquartered renewable energy developer AMEA Power to back up to US$1.65 billion in clean energy investments across 23 projects spanning Africa, the Middle East and Central Asia, in a deal that also pushed MIGA’s total guarantees issued since its founding in 1988 past the US$100 billion milestone.
Under the agreement, MIGA will provide guarantees of up to $1.48 billion to AMEA Power, covering equity, quasi-equity and shareholder loan investments. The portfolio includes onshore wind power plants, solar photovoltaic plants and battery energy storage systems, and marks a strategic shift from MIGA’s traditional project-by-project approach to a scalable, portfolio-based model that groups multiple projects under a single framework to accelerate approvals and deployment in high-growth markets.
Each project will receive up to 15 years of protection against political risks including currency inconvertibility, transfer restrictions, expropriation, war, civil disturbance and breach of contract. This coverage is particularly significant for private investors considering markets in sub-Saharan Africa and Central Asia, where sovereign risk and currency volatility have historically constrained the flow of commercial capital into infrastructure.
Phase One of the portfolio covers Côte d’Ivoire, Djibouti, Egypt, Jordan, South Africa, Togo, Uganda and Uzbekistan, with additional countries expected to join in Phase Two. Construction activities are projected to create more than 17,000 direct jobs. The first individual guarantees signed under the framework cover two projects in Egypt, representing over $150 million in covered investments.
For Togo specifically, the deal builds on an existing relationship between the country and AMEA Power. The developer already operates the Blitta solar plant in Togo with a capacity of 50 megawatts peak, and the new MIGA-backed framework is expected to unlock further renewable energy projects in a country working toward full electrification by 2030. MIGA’s risk exposure under the guarantee is proposed to be shared with the International Development Association’s Private Sector Window for IDA-eligible countries including Djibouti, Togo, Uganda and Ethiopia, reinforcing the role of blended finance in mobilising private capital into frontier markets.
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Under Phase One, the portfolio is expected to deliver approximately 2,766 megawatts of generation capacity and 2,729 megawatt-hours of storage, introducing grid-scale battery storage for the first time in several of the participating countries. These investments are intended to enhance energy security, improve grid stability and support the integration of renewable energy at scale.
The deal is explicitly linked to the World Bank Group’s Mission 300 initiative. Since Mission 300 launched in 2024, the initiative has connected 44 million people to electricity across the continent, with 30 countries having signed energy compacts. IFC and MIGA together have committed $5 billion in support of private sector investment under Mission 300 by 2030, with the goal of connecting 300 million people in Sub-Saharan Africa to electricity within that timeframe. Nearly 600 million people on the continent currently lack access to electricity, making the scale of the challenge one of the largest development finance priorities globally.
AMEA Power chairman Hussain Al Nowais described the agreement as a turning point in how the company deploys capital. “This framework agreement marks a significant step for AMEA Power in scaling our portfolio-based investment strategy across high-growth markets. By partnering with MIGA, we are able to deploy capital efficiently, mitigate sovereign and political risks, and accelerate the delivery of critical energy infrastructure at scale. The framework agreement creates a compelling proposition for our new investors by combining scale, diversification, and robust risk mitigation, ultimately enhancing visibility on returns and capital protection,” he said.
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MIGA Managing Director Tsutomu Yamamoto marked the $100 billion milestone by noting the agency’s evolving mandate. “With this portfolio, MIGA’s lifetime issuance now exceeds $100 billion, a milestone achievement for the agency. We will continue to support the World Bank Group’s mission of growth, job creation and poverty reduction,” he said. The portfolio approach with AMEA Power is expected to serve as a template that MIGA and other multilateral guarantee agencies can replicate with other large renewable energy developers working across multiple high-risk jurisdictions simultaneously.
