Cairo – Mubasher: Elsewedy Electric Co announced that the Sharjah Electricity and Water Authority (SEWA) has awarded a $550 million contract for the construction of a power plant in the UAE to Elsewedy’s consortium with Japan-based Mitsubishi Hitachi Power Systems Ltd (MHPS).
Upon the contract, the Egyptian-Japanese alliance will build and supply the power plant in Sharjah, the UAE with a capacity of 1,026.3 megawatts, Elsewedy highlighted in a statement to the Egyptian Exchange (EGX) on Sunday.
The power plant will be operated by natural gas and is set to commence electricity generation in 2020, according to the statement.
Elsewedy will implement around 65% of the construction work, including designing, supplying, and installing the project.
In February, Elsewedy posted EGP 5.11 billion in consolidated profits for 2018, compared to EGP 6.48 billion in 2017, including minority shareholders’ rights.
