Egypt signed an agreement on Tuesday with the UAE’s Al Nowais Investments for the construction of two renewable power plants, Electricity Minister Mohamed Shaker said.
Al Nowais will build a 200-megawatt solar plant in the southern governorate of Aswan and a 500-megawatt wind power plant in the 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.