Saudi ACWA Power and Emirati Masdar are working on an official offer to the Ministry of Electricity to establish renewable energy projects with a capacity of 2,000 MW, reported Daily News Egypt. The projects includes 1,500 MW in solar energy, and 500 MW through wind energy.

These projects are part of the agreements and memoranda of understanding (MoUs) signed during the Economic Summit held in Sharm El-Sheikh in March 2015.

Hassan Amin, Regional Manager of ACWA Power, said that a meeting was held with Minister of Electricity Mohamed Shaker and head of the Renewable Energy Authority Mohamed Salah Al-Sobki in order to agree on the next steps for the projects. Their financial closing is expected to be completed six months after signing the agreement to buy energy.