Cairo - Mubasher: Egypt has signed a deal with ACWA Power to build a $2.3 billion power plant in Luxor.
The new power station will have a capacity of 2,250 megawatts, electricity and energy minister Mohamed Shaker said on Thursday, announcing that the plant is expected to be operational by 2023.
The Saudi company recently announced plans to increase its investments in Egypt in the power generation sector, according to the company’s CEO.
Paddy Padmanathan revealed that ACWA Power will pump $2.3 billion in the Egyptian market, after signing the contract to establish a new power plant with a 2,250 megawatt capacity, according to an official statement by the Egyptian Cabinet.
The CEO recently met with the Egyptian Prime Minister Moustafa Madbouli, discussing investment opportunities in Egypt, as well as signing the agreement for the power generation plant that will be built in Luxor.
