Saudi Arabia signs agreement with Egypt to build power station with capacity of 0032 MW Power and Energy

"Egypt has always been part of Aqua Power's investment strategy," said Rajit Nanda, Chief Investment Officer, Aqua Power. The signing of the agreement today confirms Aqua Power's commitment to the energy sector in Egypt. The project is extremely important as it represents one of the highest value-added FDI in infrastructure projects in Egypt. We look forward to working with international financial institutions such as financial institutions for development and export financing institutions, as well as commercial banks to provide the required funding for the project.

The consortium, together with Aqua Power, includes the Egyptian group Hassan Allam, while Aqua Power said it is also pursuing a number of opportunities to enhance its presence and support for the Egyptian market, including 200 MW solar PV projects Kom Ombo, as well as the Taq station Wind capacity of 005 MW, in addition to 3 projects solar PV production capacity of up to 5.561 MW company »Aqua Power« is working on its establishment in Banban area in Aswan.

An international consortium led by the Saudi power company Aqua Power has signed an energy purchase agreement with the Egyptian Company for Electricity Transmission, which aims to develop, build and operate a combined cycle gas station with a capacity of up to 0032 MW. The $ 3.2 billion project is located in Luxor, southern Egypt, and the first phase of the project is expected to be operational in the summer of 2202. With full commercial operation of the plant in the summer of 3202.

The signing of the agreement came in the presence of Egyptian Prime Minister Mustapha Medbouli, Eng. Mohamed Shaker, Minister of Electricity and Renewable Energy in Egypt, Usama Naqli, Saudi Ambassador to Egypt, and Mohamed Abunian, Chairman of Aqua Power.

The power purchase agreement is a 52-year "Build-Own-Operate" system. The project will help meet the growing demand for electricity in Egypt over the coming years, especially in Upper Egypt.

"The signing of the Energy Purchase Agreement today marks an important step in the development of the project and, more importantly, demonstrates the commitment of the Egyptian government to encourage the participation of private investors in the development of infrastructure projects in Egypt," said Paddy Badmanathan, CEO of Aqua Power. We look forward to completing the financing arrangements and starting the construction of the power plant to enable us to contribute to the development of the electric power sector in Egypt by providing electricity reliably, safely, effectively and at low economic cost. "