Cairo – Mubasher: FAS Energy, subsidiary of Saudi Arabia’s Fawaz Abdulaziz Alhokair Co, announced signing a memorandum of understanding (MoU) with the Egyptian Minister of Housing’s New Urban Communities Authority (NUCA) to develop a waste-to-energy project.

Under the deal, the 100-megawatt (MW) power plant will be built with investments of more than $500 million, according to a statement released on Tuesday.

The project will serve cities affiliated to the NUCA in east Cairo, including New Cairo, El Shorouk, Badr City, and the 10th of Ramadan.

In addition, the technical, environmental, and financial studies required for the project will be carried out by FAS Energy.

It is noteworthy that this is the second power generation project to be carried out by FAS Energy in Egypt following the 50-MW Benban Solar Park in Aswan which was earlier opened this year with investments worth $100 million.