Egypt inks $1.6bn power deal with Alghanim
Kuwaiti conglomerate lined up for two power projects including 900MW gas-fired plant.
Egypt has signed preliminary deals with Kuwait's Alghanim International for two power projects worth a total of $1.6bn.
Under the proposal, four gas-fired power plants would be converted to combined cycle, while the other would establish new gas-powered plants with a total capacity of 900 megawatts (MW).
A statement by the Egyptian government did not specify a timeframe for the Kuwaiti projects.
Power cuts have become commonplace even in the capital Cairo but Egypt has announced a flood of new power projects since the Egypt Economic Development Conference (EEDC) in Sharm El-Sheikh in March.
Companies such as Siemens, GE and ACWA Power are among international and regional firms to sign up to develop projects covering multiple gigawatts.
Egypt’s creaking power infrastructure has total energy generation capacity of about 30,000 MW and is rising at over 10% per year. The country plans to add a further 20GW of capacity by 2025.