Sixteen pre-qualify for Syria's first IPP
180-250MW power plant result of IMF pressure to turn to PPPs
Sixteen international contractors have pre-qualified to build Syria’s first privately-owned power plant, as the Levant country forges ahead with its plans to release the government’s domination of power generation.
Mitsui of Japan, GEK Terna SA of Greece, El Sewedy Electric Company of Egypt and Qatar Electricity & Water Company are among those selected by the government for the project, according to comments by the electricity minister, Khaled Homsi, highlighted by Bloomberg.
The plant will produce between 180-250 kilowatts and will be situated outside of the capital, Damascus. The country has seen a rise in energy demand in the last few years, and has been encouraged by the International Monetary Fund to develop a market-based approach to power provision.
Last month, president Bashar al-Assad issued an energy law enabling foreign and local private investors to generate and distribute electricity.
Companies from Iran, Germany, the UK and Finland, among others, are among those bidding for involvement as the country seeks a new boom in foreign direct investment.
Syria is investing as much as US$10.36 billion on new developments as part of a five-year strategic growth plan, that spanning residential, retail, hospitality, infrastructure, energy and tourism.
A number of GCC-based firms are already making waves in the region, including Majid Al Futtaim Group and Al Qudra Holding, Qatari Diar.