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Saudi Arabia’s ACWA Power has signed deals with Egypt’s Electricity Ministry to develop three renewable energy projects worth $220mn with a combined capacity of 150MW.
Two wind farms in the Gulf of Suez region, each of 50MW capacity, are expected to cost a combined $130mn, while a 50MW solar plant at Binban near Aswan is priced at $90mn. ACWA country manager Hassan Amin says the projects are scheduled for completion in early 2017.
ACWA has signed a number of preliminary agreements for major Egyptian electricity investments in recent weeks. The company has signed a deal with the ministry for a 4GW coal-fired power plant, while in partnership with UAE state renewables firm Masdar it has agreed to develop 2.2GW of gas-fired capacity, 1.5GW of solar and 500MW of wind (MEES, 20 March). (CONTINUED - 283 WORDS)