Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, met with the CEO of ACWA Power, Paddy Padmanathan, to review the company’s energy and water-desalination projects in Egypt and the region, Egypt Oil & Gas reports.
During the meeting, the participants discussed investment opportunities in the Egyptian electricity market and the use of renewable energy to diversify energy sources to meet rising energy consumption.
Praising Egyptian expertise in running the company’s projects, Padmanathan expressed the company’s ongoing interest in investing in Egypt, particularly in the fields of solar energy and water desalination. He also noted Egypt’s strategic location in the region.
The minister welcomed cooperation with ACWA Power. He pointed out that Egypt’s oil and gas sector has already taken steps toward integrating new and renewable energy sources in its electricity generation to preserve oil and gas resources and to protect the environment.
ACWA Power is a based in Saudi Arabia and specializes in water desalination and energy production. It recently signed a Power Purchase Agreement with the Egyptian government and committed to build and operate three solar photovoltaic plants in Upper Egypt, Egypt Oil & Gas reports.
ACWA Power plans to invest in projects throughout the Middle East, Asia, and Africa, according to its CEO. He noted that the company already has branches and projects in 11 countries with investments exceeding $31 billion.