Six Saudi firms are in discussions with the Egyptian Ministry of Electricity to undertake initiatives including the production of green hydrogen and renewable energy.
Mohamed Shaker, the Egyptian minister of electricity, is currently in Saudi Arabia for negotiations with six Saudi companies, among them ACWA Power, Alfanar, and Fas Holding.
The official will also be meeting with Saudi financing entities to provide funding for the agreed-upon projects.
Four unnamed sources at the Egyptian Electricity Transmission Co. (EETC) told Asharq Business the first phases will see initial investments of over $3 billion.
The ongoing negotiations are taking place following the signing of a memorandum of understanding (MoU) between Saudi ACWA Power and EETC to build a 10-gigawatt wind farm in Egypt.
According to a source who spoke with Asharq Business, the first phase of the ACWA Power project will have a 1.1 gigawatt capacity and construction will start early in 2023.
It will take 24 months to complete the first phase of the wind farm’s construction, and it will cost between $1 billion and $1.1 billion.
