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Monday, 13 September 2021

Al Nowais to sell solar license in Benban?

Ten companies are in the running to purchase the Emirati energy firm Al Nowais’ license to operate a solar plant in Aswan’s Benban solar park, Al Mal reports, citing unnamed officials “in the renewable energy sector.” The Emirati company was planning to construct a 500 MW solar facility and inked a contract with the Egyptian government in late 2019, but has now offered its license to 10 companies operating in Egypt, including ACWA Power and Infinity, the sources said.

The rationale: The company is looking to sell the contract in the hope of generating the liquidity it needs to pursue other projects in the renewable energy sector, the newspaper claims.

Enterprise was unable to independently verify this story: We were unable to reach a representative from Al Nowais and ACWA Power. Infinity declined to comment on the story.

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