The Egyptian Electricity Transmission Company has joined forces with Saudi Arabia’s utility developer ACWA power and Hassan Allam Holding, signing a salient power purchase agreement (PPA) for a 2.3 GW, $2.3 billion power plant.
The PPA was put on hold before as talks were delayed and proffered to the ministry’s 2022-2027 five-year plan instead of the 2017-2022 plan, due to a current generation surplus. ACWA declared that under the command of a build-own-operate (BOO) framework, the Luxor plant is expected to become unconcealed by 2022 and function at full capacity by 2023; thereby fulfilling the increasing calls for electricity in southern governorates.
“Signing the PPA today represents a significant step in the development of the project, more importantly, it demonstrates the commitment of the Egyptian government to encourage the participation of the private investors in infrastructure projects,” Paddy Padmanathan, ACWA’s CEO, said.
