Power purchase agreement (PPA)

A consortium between ACWA Power and Hassan Allam Holding has signed a power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for a gas-fired combined cycle plant in the presence of H.E. Prime Minister of Egypt, Eng. Mustafa Madbuoly

03 November 2018

The Minister of Electricity and Renewable Energy, Dr. Mohamed Shaker, HE Osama Nugali, Ambassador of the Custodian of the Holy Two Mosques to Egypt, the Chairman of ACWA Power Mr. Mohammed Abunayyan, Engineer Kamal Allam, Chairman of Hassan Allam Holding, and senior officials of the Ministry, Acwa Power and Hassan Allam Holding. The signing ceremony was held at the headquarters of the cabinet presidency in Cairo.

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