ACWA Power said to finalize 3 projects in Egypt by June-end

Riyadh-based ACWA Power is likely to finalize its 160MW three projects in the Benban Solar Park in Aswan, worth $200 million, by the end of June, company’s country director Hassan Amin told Daily News Egypt.

The company is awaiting the cabinet’s approval for implementing a 500MW wind project in the Ras Ghareb area, he said.

Separately, ACWA Power has also signed an agreement with the Egyptian government for an electricity plant with a capacity of 2,250MW in Luxor with investments estimated at $2.5 billion.

“The climate of investment in Egypt is improving following the New Investment Law and simplifying the foundation procedures. Energy subsidy’s cut is a positive measure which is being gradually implemented by the Egyptian government,” he noted.