Saudi Arabia stops privatization of SWCC, moves its assets to PIF-owned company
Follow-ups -eshrag News:
RIYADH: Saudi Arabia’s ACWA Power has invested $1.5 billion in a wind power plant in Egypt as the company expands its horizons in renewable energy.
The 25-year agreement was signed with the Egyptian Electricity Transmission Co, the PIF-owned utility said in a bourse filing.
The deal will see ACWA Power develop, build, and operate the 1,100-megawatt wind farm, located in the Gulf of Suez in Egypt.
ACWA Power expects the project to start commercial operations by the fourth quarter of 2025.
According to a statement from Egypt’s cabinet, the Saudi-listed company has also signed deals involving petroleum products, food and fintech.
The statement added that ACWA Power has also signed another deal involved in the development of a multi-purpose terminal at Egypt’s Damietta port.
Meanwhile, Saudi Arabia and Egypt have signed 14 investment deals worth $7.7 billion, Saudi Minister of Trade Majid Al-Qasabi announced.
Al-Qasabi also added that the total investments of Saudi Arabia in Egypt is $30 billion, while 574 Egyptian companies are operating in the Kingdom with a capital of $1.3 billion.
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