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Egypt’s Sovereign Fund to quadruple desalination capacity in 5 years

Egypt’s Sovereign Fund to quadruple desalination capacity in 5 years

ArabFinance: The Sovereign Fund of Egypt (SFE) has issued tenders for private companies to build 17 solar-powered desalination plants, CEO Ayman Soliman told Reuters.

The tenders are part of a $2.5 billion plan to quadruple our desalination capacity in the next five years.

The bid process is already underway and investor appetite is strong for the 25-year concessions.

The agreements will see private firms hire their own contractors to build the plants, which will run on high-yield renewables. “We've already solicited offers. What’s happening is a combination between a competitive process and a limited negotiation process,” Soliman said.

“We’ve received offers to build whatever capacity we need. There is investor appetite to build three times as much,” Soliman added.

He further noted that EBRD and the IFC will give technical support and advise on the bidding.

The plan fits into Egypt's push to diversify its sources of fresh water for a fast-growing population as it faces competition for Nile river water from the giant hydropower dam that Ethiopia is building upstream.

 

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