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Saudi’s Acwa Power to build two power plants worth $13bn

Saudi’s Acwa Power to build two power plants worth $13bn
Photo Credit: Arabianeye-Reuters

Sharm El Sheikh-Mubasher: Saudi Arabia-based Acwa Power has signed an agreement with the Egyptian Electricity Holding Co. to generate 2000 megawatts from clean coal, with investments reaching $7 billion. This capacity may be increased to 4000 megawatts.

The Saudi firm also signed an agreement with the New and Renewable Energy Authority and Masdar to generate almost 1,500 megawatts from solar and 500 megawatts from wind, with investments reaching $6 billion.

Saudi Arabia will continue to support stability and development in Egypt, said Prince Muqrin bin Abdul-Aziz Al-Saud, Saudi Arabia’s crown prince and deputy prime minister.

Egypt targets $8-10 billion direct foreign investments annually. The FDI reached $1.8 billion in the first quarter of 2014/2015, compared with $0.6 billion a year earlier.