Saudi ACWA Power seals $2.3 billion power plant deal with Egypt

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The Egyptian Electricity Minister, Mohamed Shaker said Egypt signed a deal with Saudi Arabian utility developer ACWA Power to build a $2.3 billion power plant in the country.

Shaker revealed that the plant will have a capacity of 2,250 megawatts (MW) and will be built in Luxor province, the country’s south. He said the facility is expected to be operational by 2023 at the latest.

As part of the Egypt’s plans to address a gap in power generation and fuel its development drive, Egyptian President, Abdel Fattah al-Sisi opened three new power stations in July 2018, built at a total cost of 6 billion euros ($7 billion).

In the years following Egypt’s 2011 uprising, acute power shortages have led to frequent summer blackouts and cuts to industrial output.

The power generation projects, which were initiated in 2015, are part of an 8 billion euro deal to boost electricity generation by 50 percent through new gas and wind power plants.


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