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FINANCIAL NEWS
UAE’s Masdar signs MoU for clean energy projects in Egypt
16 Mar 2015
(MENAFN) Masdar, an Abu Dhabi-based clean energy firm, signed an MoU to support the growth of Egypt’s power generation, with a solar plant to be its first project, Arabian Business reported.
The non-binding agreement was signed by Masdar, Saudi-based ACWA Power and the Egyptian Electricity Holding Company (EEHC), according to reports.
According to the MoU, the partners will evaluate 2 GW of renewable energy projects, including 1.5GW of solar and 500 megawatts of wind. The first project that will be considered is a 200MW solar photovoltaic plant.
“Egypt is committed to meeting our rising energy needs and encouraging economic growth by developing new power generation in our country,” Egypt’s Minister of Electricity and Energy said.
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