Daily News Egypt learned that ACWA Power, a subsidiary of the Saudi Sovereign Fund, is in current negotiations with the Egyptian Sovereign Fund to launch a 250-megawatt renewable energy plant in the Gulf of Suez.
Sources told Daily News Egypt that the negotiations have reached the final stages and that the signing will take place within the next few weeks.
They indicated that the Egyptian Sovereign Fund seeks to attract investments in the renewable energy sector.
Last December, the International Water and Power Projects Company (ACWA Power) signed a $2bn financing contract with Natixis for investment banking services, with the aim of supporting and financing ACWA Power’s projects in the region over a two-year period.
The memorandum of understanding signed between the two parties added that the agreement paves the way for the two parties to explore opportunities to develop new projects in the region, including renewable and clean energy.
The investment value of the company’s portfolio of projects is more than $67.1bn, producing 42.6 gigawatts of electricity and 6.4m cbm of desalinated water per day.