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UAE to build Egypt two new renewable power plants

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.

Source: Reuters

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