UAE’s Al Nowais offers to set up USD 700 mn renewable energy plants in Egypt

Al Nowais Investments is bidding to build USD 700 mn-worth of renewable energy plants in Egypt, sources from the Electricity Ministry said, according to Al Mal. A 500 MW wind power plant and a 50 MW solar plant could be built in undisclosed locations under a build-own-operate framework. The bid comes less than two weeks after the Electricity Ministry pulled the plug on Al Nowais’ USD 4 bn, 2.65 GW coal station in Oyoun Mousa. Sources said at the time that the Emirati company will discuss with the government an offer to set up renewable plants with a combined electricity generation capacity of 500 MW.