Saudi company Acwa Power intends to invest $12b in the Egyptian energy market over the next five years, the company’s Regional Director, Hassan Amin, told Daily News Egypt.

Amin said that the projects Acwa Power intends to implement include Dayrout power plant which will have a 2,250 MW capacity, as well as three solar and wind plants with a 150 MW capacity factor.

The company aims to activate the Memoranda of Understanding (MoUs) that were signed at the Economic Development Conference to establish a power plant fueled by coal, while the competitive tenders are to establish renewable energy plants in the western Nile area.

Acwa Power is also qualified to establish new and renewable energy projects according to the feed-in tariff system approved by the cabinet.

According to Acwa’s Regional Director, the company will launch a solar energy plant with a capacity factor of 50 MW in Banban in Aswan, and two wind energy plants with a capacity of 100 MW in the Gulf of Suez.

He concluded that of the four agreements related to the Dayrout project, 90% of the agreed-upon items have been completed.

The Egyptian Ministry of Electricity and Renewable Energy has plans to establish solar and wind power plants with a total capacity of 4,200 MW and with investments worth $7.5b, according to the feed-in tariff. In line with the Egyptian government’s overhaul energy strategy, there are plans to produce 20% of the total produced electricity from new and renewable energy sources by 2020.