ACWA Power, Riyadh based global leading water and power developer, owner and operator, signed today memorandum of understanding (MoU), with the Egyptian Electricity Holding Company (EEHC) – at Egypt Economic Development Conference “Egypt the Future” – to explore developing 2,000 Mega Watt can be expanded to 4,000 Mega Watt of power generation project in Egypt. The MoU framework are aimed at looking into potential opportunities to support Egypt’s efforts in meeting its growing energy and electricity demands as a result of economic growth and diversify fuel mix. Dr. Gaber dsouky, Chairman of Egypt Electricity Holding Company, said “We are committed to meeting our rising energy needs through sustainable and efficient methods. We are also very aware that developing new power generation solutions and taking into consideration cost is not easy, especially when trying to develop and sustain an economy”.
Mohammed Abunayyan, Chairman ACWA Power, said “Egypt is a vital market in the region and key geography for us to be present in. The Egyptian government’s efforts in keeping pace with the increasing demand of power and energy, to meet the expectations of its developing economy is a driving force for the energy sector and projects of this scale. We highly recognize Egypt’s consideration of diversify is fuel mix as a priority in its plans to develop the country’s economy and social being and look forward to exploring how we can reliably deliver electricity and power at the lowest possible cost.” Commenting on the signing ceremony, Paddy Padmanathan, President and Chief Executive Officer ACWA Power, said: “Through this agreement, we aim to look at all aspects needed to delivering the total of 8,000 Mega Watt of energy through an efficient and effective manner, utilizing a broader mix of fuel resources” The framework agreement calls for development of up to 4,000 Mega Watt of coal power generation in Safaja.
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