Several Memorandum of Understandings (MoUs) were signed between international companies and the Ministry of Electricity regarding solar energy projects.
MoUs were signed between Tharwa Investments and Electricity Holding Company to establish a coal-fired power plant with 6,000MW at a total value of $9.6bn.
“We met 10 days ago, and now we are signing a MoU,” Minister of Electricity Mohamed Shaker said, commenting on the speed of the process.
The New and Renewable Energy Authority also signed an MoU with Alhokair at a total value of $3.5bn. Another agreement was signed with the Authority for the construction of solar power plant, with a capacity of 50MW.
The Authority also signed with Philadelphia Company for the construction of a solar power plant.
Yet another agreement was signed with Naguib Sawiris, who represented Orascom, to construct a 50MW solar energy plant.
“I met with the minister around six months ago so that we could start fixing the power issue,” Sawiris said, highlighting that it was the first Egyptian company to approach the ministry.
“We are willing to repeat this experience again,” Sawiris said.
The project’s implementation is expected to take 18 months, however Sawiris hopes that it will take less time.