Eni looking to invest up to USD 1 bn in solar power projects in Egypt

INVESTMENT WATCH- Eni looking to invest up to USD 1 bn in solar power projects: Italy’s Eni has resumed negotiations with Egypt’s Electricity Ministry to build 1 GW of solar generation capacity at a total investment cost of up to USD 1 bn, ministry sources told the domestic press. Eni could start with a 50 MW plant under the independent power producer (IPP) framework, followed by a 250 MW plant under the BOO (build, own, operate) framework, the sources said. The Italian company is currently seeking license from state utilities regulator Egyptera to build the generation stations. Negotiationsbetween Eni and Egypt over renewable energy projects began last year.