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Wednesday, 10 October 2018

Saudi’s Fas Energy to invest USD 420 mn in Egypt projects

INVESTMENT WATCH- Saudi’s Fas Energy looking to invest USD 420 mn in Egypt projects: Fas Energy, a subsidiary of Saudi Arabia’s Al Hokair Group, is looking to invest up to USD 420 mn in solar energy and waste recycling projects in Egypt, company general manager Sabri Asfour is quoted by the domestic press as having said. The Saudi company is looking to build a USD 95 mn solar generation station and a waste recycling project with an investment cost of as much as USD 325 mn, Asfour said.

The company has already invested some USD 100 mn in the Benban solar park where it built a 50 MW solar power plant under phase one of the feed-in tariff program, through which it will sell electricity to Egypt at USD 0.14 per kWh for 25 years.

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