Saudi company ACWA Power has signed a pact with Egypt’s New and Renewable Energy Authority (NREA) to build solar and wind parks in the West Nile area, SeeNews Renewables reported. The deal was signed during Saudi King Salman bin Abdulaziz Al-Saud’s visit to Cairo.
ACWA’s Board Chairman, Mohammad Abdullah Abunayyan, was quoted as saying that the company intends to spend between $10b and $12b on installing some 10 GW of power generation capacity in Egypt, including from renewable sources.
This sum will be invested by ACWA over the next five years, according to Abunayyan. He believes that the sector could lure investments totaling $30b over that period if the relevant legislative reforms are in place, informed Zawya.
The Saudi firm is currently working on three plants in Egypt totaling 150 MW under its renewable energy enhancement program, Daily News Egypt wrote.
ACWA Power is sponsoring the Saudi-Egypt Business Opportunities Forum, which aims to review aspects of enhancing trade exchange and investment in various sectors between the two countries. The forum is set to witness the signing of several trade and investment agreements between Egyptian and Saudi investors, scheduled to be held in Cairo in mid April.