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Saudi firm ACWA Power interested in expanding investments in Egypt in renewable energy, water desalination, green hydrogen
Saudi Arabia’s company ACWA Power is interested in expanding investments in Egypt in the fields of renewable energy, water desalination and green hydrogen, in a way that enhances development efforts in the country..
This came during a meeting between Egyptian Minister of International Cooperation Rania Mashat and ACWA Power Saudi Arabia’s CEO Marco Arcelli. The meeting was held within the framework of Mashat’s participation in the European Bank for Reconstruction and Development (EBRD) Annual Meetings in Samarkand, Uzbekistan, from May 16-18.
During the meeting, they discussed the company’s investments in Egypt and the role of international partnerships with the EBRD in promoting these investments through development finance and technical support.
The company officials hailed the efforts made by the Ministry of International Cooperation to stimulate private sector participation in development and encouraging private investments in the renewable energy sector and electricity generation through relations with development partners, especially through the implementation of Egypt’s Country Platform for the “NWFE” program.
Mashat explained the Government of Egypt’s keenness on 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 “NWFE” program, the nexus of water, food and energy projects.
Mashat added that the Ministry of International Cooperation works to coordinate with development partners and relevant entities to provide various financing mechanisms and blended finance that encourage the private sector to inject investments into the implementation of these projects.
It is worth noting that ACWA Power is working on the construction of a wind power plant in the Gulf of Suez with a capacity of 1100 megawatts as part of the projects being implemented within the framework of the energy pillar of the “NWFE” program, through which it aims to implement renewable energy stations with a capacity of 10 gigawatts to reduce harmful emissions and stimulate a just transition towards renewable energy in Egypt.
The company had obtained $114 million in financing to inaugurate the largest solar power plant belonging to the private sector in Egypt, in the city of Kom Ombo in Aswan, with a capacity of 200 megawatts. Last April, the company obtained new financing of $123 million within the framework of the same project from the EBRD, the OPEC Fund for International Development, the African Development Bank, the Sustainable Energy Fund for Africa of the African Development Bank, the Green Climate Fund, the Arab Bank, and the Arab Company for Petroleum Investments “APICORP”.
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