01 December 2018

A consortium led by Acwa Power has signed a power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for a gas-fired combined cycle plant.

The project, which is located in Luxor, will have a capacity to generate 2,300 MW and have an investment value of about $2.3 billion. It is expected to start first phase operation in summer 2022 and full commercial operation in summer 2023.

 The PPA is under a build-own-operate framework with a term of 25 years. The project will be vital in meeting Egypt’s increasing demand for electricity over the next years, particularly in the upper Egypt region. 

 Commenting on the signing, Paddy Padmanathan, president and CEO of Acwa Power, said: “Signing the PPA represents a significant step in the development of the project, more importantly it demonstrates the commitment of the Egyptian government to encourage the participation of the private investors in infrastructure projects. We look forward to completing the financing arrangements and commence construction of the power plant to enable us to contribute to the development of the Egyptian power sector by delivering reliable, safe and cost effective electricity.”

Acwa Power is partnering with the Egyptian group Hassan Allam, one of the most reputable local companies in Egypt, on the project.  

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