Saudi Arabia-based ACWA Power chairman Mohammad Abunayyan has reportedly revealed plans to invest nearly $10bn-$12bn in Egyptian conventional or renewable power generation sector over the next five years.
The plans are part of the company’s efforts to add around 10,000MW to Egypt’s national electricity grid.
Abunayyan was cited by Utilities-me.com as saying that the renewable energy share in the Egyptian energy market is anticipated to increase to 20% by 2022 and the future investment will help boost its share.
ACWA Power country manager Hassan Amin was quoted by the website as saying that Egypt’s power sector could attract new investments worth $30bn in the next five years.
The company is already implementing three projects in Egypt totalling 150MW, under its renewable energy enhancement programme.
A memorandum of understanding (MoU) to this effect has been signed between ACWA Power and Egypt’s New and Renewable Energy Authority (NREA).
The proposed investment will be used in the construction of power generating plants totalling 10GW in the West Nile area, Utilities-me.com reported.
This will see new solar and wind power facilities, in addition to those using traditional power generation resources.
The company currently develops, co-owns and operates a portfolio of plants with a capacity to generate 18GW of power and produce 2.5 million m3/day of desalinated water.
ACWA Power uses traditional fuels and renewable energy and operates to the highest ethical standards.
The company serves its customers across three continents and currently has an investment portfolio of more than 32 plants worldwide.