The Saudi company ACWA Power intends to expand investments in Egypt through the implementation of renewable energy projects, as well as projects for the production of green hydrogen and desalination.
This happened during a meeting held by the Minister of International Cooperation of Egypt, Dr. Rania Al-Mashat, with Mohamed Abunayan, founder and chairman of the board of directors of the Saudi company ACWA Power, and Marco Arcelli, the company’s CEO, within the framework of the minister’s regular meetings, within the framework of activities of the annual meetings of the European Bank for Reconstruction and Development Conference held in Samarkand, Uzbekistan, 16-18 May.
The meeting discussed the projects the company is working on in Egypt and the role of the international partnership with the European Bank for Reconstruction and Development in promoting these investments through development funds and technical support. In this regard, the company representatives highly appreciated the efforts made by the Ministry of International Cooperation to stimulate the participation of private sectors. In developing and encouraging private investment in the renewable energy and power generation sector through relationships with development partners, especially through the implementation of the Egyptian National Platform for the Novi Program. .
The Minister of International Cooperation stated that the government is interested in the effective participation of the private sector, as a major partner in development, in the implementation of projects in various fields, as well as the implementation of the Egyptian national platform “Novi Program”, which focuses on the relationship between water, food and energy projects adding that the Ministry of International Cooperation is working in coordination with development partners and relevant parties to provide various financing and blending mechanisms that encourage the private sector to invest in these projects.
It is worth noting that ACWA Power is working on the construction of a wind farm in the Gulf of Suez with a capacity of 1100 megawatts as part of projects implemented under the energy axis of the Novi program, through which it aims to introduce renewable energy plants with a capacity of 10 gigawatts to reduce harmful emissions and stimulate a fair transition. to renewable energy sources in Egypt.
The company has received US$114 million in funding to open the largest private solar power plant in Egypt, Kom Ombo, in Aswan, with a capacity of 200 megawatts. Development, OPEC Fund for International Development, African Development Bank, Sustainable Energy Fund for Africa African Development Bank, Green Climate fund, the Arab Bank and the Arab Oil Investment Company (APICORP).
Source: Egyptian media.
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