Egypt signed an agreement with UAE-based Al Nowais Investments to build two renewable power plants, said Electricity Minister Mohamed Shaker on Tuesday.
Al Nowais will build a 200 MW solar plant in the southern governorate of Aswan and a 500 MW wind power plant in Red Sea city of Ras Gharib, Shaker said.
The projects will cost 16 billion Egyptian pounds ($990 million), Hussain Al Nowais – chairman of Al Nowais Investments – said at a news conference alongside Shaker. They will be built under a BOO (build-own-operate) partnership.
Egypt will pay 2.48 cents per kilowatt of solar power and 3.1 cents for each kilowatt of wind power, Shaker said.