Back to the complete issue
Wednesday, 11 December 2019

Al Nowais to build two renewable energy plants worth EGP 16 bn

INVESTMENT WATCH- Al Nowais to build two wind, solar energy plants worth EGP 16 bn: Egypt yesterday signed an agreement with UAE’s Al Nowais Investments to build two renewable energy plants worth a combined EGP 16 bn, according to a cabinet statement. The company will build a 200 MW solar plant in Aswan and a 500 MW wind plant in Ras Ghareb. The plants will be built under a build-own-operate framework that will see Egypt pay 2.48 cents per KW of solar energy and 3.1 cents per KW of wind power. Al Nowais will begin work on the plants in 1Q2020, unnamed Electricity Ministry sources tell the local press. Reuters also had the story.

Background: Al Nowais bid in October to build USD 700 mn in renewable energy plants just two weeks after Egypt pulled the plug on the company’s USD 4 bn, 2.65 GW coal station in Oyoun Mousa. The ministry cited cost, the country’s electricity surplus and the government’s focus on renewables as reasons for killing the project, which had been through more than three years of planning and negotiations.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2021 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of Commercial International Bank (tax ID: 204-891-949), the largest private-sector bank in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; and Act Financial (tax ID: 493-924-612), the leading activist investor in Egypt; and Abu Auf (tax ID: 584-628-846), the leading health foodmaker in Egypt and the region.