Saudi Acwa Power to pump $3bln in Egypt in 2019

Saudi Arabia’s Acwa Power revealed plans to invest around $3 billion in Egypt’s electricity projects this year, the renewable energy developer’s country development director said.

This sum will be allocated for implementing investments in the Upper Egypt governorates of Luxor, Aswan’s Benban Solar Park, along with other projects, local newspaper Almal newspaper reported, citing Hassan Ali as saying.

The official further noted that the Saudi Arabian utility developer will collaborate with Hassan Allam Holding Company to establish a 2300-megawatt power plant in Luxor with investments of $2.3 billion.

Acwa Power owns as much as $32 billion businesses in 12 nations in the Middle East and North Africa (MENA), Horn of Africa countries, and Southeast Asia states.