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Sunday, 9 September 2018

UAE’s Alcazar Energy looking to snag USD 500 mn in wind projects

INVESTMENT WATCH- UAE’s Alcazar Energy looking to snag USD 500 mn in wind projects: UAE-based renewables energy firm Alcazar Energy is currently bidding on USD 500 mn-worth of wind projects with a combined generating capacity of 500 MW, Electricity Ministry sources tell Al Masdar. According to the offer presented to the ministry, the wind farms appear to be exclusively in the Gulf of Suez region. The projects would all be under a build-own-operate (BOO) framework, the source added.

This comes as the Madbouly Cabinet’s economic group has signed off on an offer by ACWA Power to build wind projects with a combined generation capacity of 500 MW, the source said. He added that the contracts for the offer are expected to be signed at the end of the year, without revealing the size of the investments involved. As for its solar projects, ACWA Power intends to begin operating its three solar power plants with a combined capacity of 120 MW at the Benban Solar Park sometime during 1H2019, regional director Hassan Amin told the local press. ACWA reached financial close for the plants earlier this year after signing off an agreement with the Egyptian Electricity Transmission Company. The plants were supposed to be operational by 4Q2018. Amin did not give reasons for the delay.

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