ACWA Power, Egypt's EETC ink deal for $2 bln Luxor power plant

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 to meet Egypt’s increasing demand for electricity.

Located in Luxor, the project will have a capacity to generate 2,300 MW and have an investment value of $ 2.3 billion.

Included under a Build-Own-Operate framework for a term of 25 years, the project is expected to start the first phase operation in summer 2022 and the full commercial operation in summer 2023.

“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,” Paddy Padmanathan, President and CEO of ACWA Power said.