Saudi's Acwa Power plans $3bn investment in Egypt
OIL AND GAS NEWS
Saudi-based Acwa Power, a major developer of power and water desalination projects, is set to invest around $3 billion in Egypt’s electricity projects during this year.
The utility developer has collaborated with Hassan Allam Holding Company to establish a 2.3-megawatt power plant in Luxor.
The power plant, being built at a cost of $2.3 billion, is expected to start the Phase One of the operation in the summer of 2022 and the full commercial operation in the summer of 2023.
The Power Purchase Agreement PPA is under a Build-Own-Operate framework with a term of 25 years. The project will be vital in meeting Egypt’s increasing demand for electricity over the next years, particularly in the upper Egypt region.
The $3 billion will be allocated for implementing investments in the Upper Egypt governorates of Luxor, Aswan’s Benban Solar Park, along with other projects, it added.-TradeArabia News Service
