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Sunday, 25 February 2018

Is Abdul Latif Jameel returning to Egypt’s renewables sector?

INVESTMENT WATCH- Is Abdul Latif Jameel returning to Egypt’s renewables sector after a near two-year absence? Saudi conglomerate Abdul Latif Jameel is reportedly among 18 companies bidding on a 600 MW solar power plant in the West Nile area, sources close to the matter told Al Borsa on Thursday. The company was among several pulled out of Benban solar park during the back-and-forth over phase one of the feed-in-tariff program in 2016. Abdul Latif Jameel also reportedly backed away a 200 MW solar plant in Kom Ombo, a 200 MW wind power plant in the West Nile area, and a 250 MW solar plant in the same area.

The company has reportedly placed a USD 500 mn bid for the 600 MW West Nile project and is open to forming a consortium to go after, the sources added. Toyota Tsusho, Orascom, a Scatec Solar and Azuri Power consortium, GCL New Energy, a Masdar-Genco consortium, NTPC Limited, and EDRA were among the 18 companies competing with Abdul Latif Jameel for the solar plant tender issued last week.

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