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ACWA Power to pump $ 12 bln in Egypt in 5 years

ACWA Power to pump $ 12 bln in Egypt in 5 years

Cairo: Mohammed Abunayyan, the chairman of ACWA Power-one of the biggest companies in the field of power generation and water desalination worldwide has affirmed that his company is seeking strong investments in the ionized altogether with the renewable power generation in the Egyptian market in the upcoming years.

ACWA Power is intending to add about 10000 Mega Watt to the national Egyptian electronic network through pumping from 10 to 12 billion dollars during the upcoming 5 years.

“ACWA Power supports the Egyptian market with its vast experience and by utilizing its diversified expertise through its presence in 12 countries, with an investment value exceeding 32 billion dollars, which can generate 22.8 GW of power,”said ACWA Power Chairman.
He also affirmed that the Egyptian market owns significant growth opportunities in the renewable energy sector over the coming years. Thus, the Egyptian government supports adopting a strategic expansion plan by 20% in 2022. This will be achieved through adding 9 thousand megawatts, distributed as 12% wind energy, 4-5% hydropower and 3-4% solar energy, the total renewable energy capacities will range from 12-13 thousand MW.

“ACWA power owns a huge portfolio of 1000 MW in solar energy, we executed two solar energy projects in Morocco and South Africa, in addition to two other projects under construction in Morocco and one in South Africa and Dubai,”added Abunayyan.

“Noor I in Morocco is the first phase of the largest solar energy project with an approximate capital cost of $ 840 million, and was established by King Mohammed VI in February. I would also like to highlight on “BOKPOORT CSP Project” in South Africa which has been inaugurated in mid-March with an approximate capital cost of $ 520 million. Green plants will provide enough power for more than 200,000 homes and Thermal storage capacity of 9.3 hours of full load operation. The second phase of Mohammed bin Rashid Solar Park in Dubai is under construction with an approximate capital cost of $ 326 million,” pointed Abunayyan.

On a separate note, Eng. Hassan Amin –The regional manager of ACWA Power Egypt- declared that the energy sector in Egypt is capable of attracting $30 billion new investments over the next five years, supported by the large rate of growth as well as the legislative reforms and investment incentives adopted by the Egyptian government recently in order to create suitable investment climate. Amin stated that the previously mentioned factors are providing investment opportunities the best to show in the field of renewable energy.

ACWA Power sponsors the Saudi Egyptian Business Forum that is being held on the 9th of the current April in Cairo entitled The Future of Investment & Business between The Kingdom of Saudi Arabia and The Arabic Republic of Egypt, “Towards Sustainable Strategy Partnership”. The conference is supposed to witness the signage of many commercial investment agreements among the two countries.

Mohammed Abunayyan - participates as a keynote speaker during the forum in a special panel that will be held under the title of “Investing in renewable energy projects”. The panel will deeply discuss the future of renewable energy investments among the two counties in the future.

The forum is witnessing intensive attendance from both the Saudi and the Egyptian governments including H.E. the Saudi Minister of Commerce and Industry, Dr. Tawfiq Bin Fawzan Al Rabiah, H.E. the Saudi Minister of Agriculture, Mr. Abdul Rahman Abdul Mohsen Al Fadley, The Egyptian Minister of Commerce and Industry, Eng. Tarek Qabil, The Egyptian Minister of Investment, Dalia Khorshid in addition to a great number of governmental officials from both countries.

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