{"id":547488,"date":"2022-06-23T04:37:46","date_gmt":"2022-06-23T04:37:46","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/23\/alhokair-subsidiary-to-build-usd-450-mn-solar-plant-in-egypt\/"},"modified":"2022-06-23T04:37:46","modified_gmt":"2022-06-23T04:37:46","slug":"alhokair-subsidiary-to-build-usd-450-mn-solar-plant-in-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/23\/alhokair-subsidiary-to-build-usd-450-mn-solar-plant-in-egypt\/","title":{"rendered":"Alhokair subsidiary to build USD 450 mn solar plant in Egypt"},"content":{"rendered":"

<\/a> Alhokair Group subsidiary FAS Energy is planning to invest so<\/strong>me<\/strong> USD <\/strong>450 mn <\/strong>(SAR 1.7 bn) to construct a 500 MW <\/strong>solar <\/strong>plant in Egypt<\/strong> in partnership with the Electricity Ministry and the Egyptian Electricity Transmission Company (EETC), FAS Energy CEO Sabri Asfour told Enterprise. The firm is in final negotiations on the location of the plant, and hopes to sign the final contracts before the end of July, he said.<\/p>\n

The company plans to start construction in August<\/strong>, with hopes of completing as much of the project as possible ahead of the COP27 summit in November, Asfour said, adding that the project should be completed by November 2023.<\/p>\n

How will the plant be financed? <\/strong>The company has already secured a syndicated loan covering 80% (USD 360 mn) of the project\u2019s costs from a group of Saudi banks, with the remaining 20% (USD 90 mn) set to be self-funded, Asfour said.<\/p>\n

FAS Energy also has plans for green hydrogen:<\/strong> The energy player plans to invest in Egypt\u2019s green hydrogen industry, and will be announcing details for a project sometime after the upcoming Eid vacation in July, Asfour added.<\/p>\n

FAS Energy has been active in Egypt for a while: <\/strong>The Alhokair subsidiary has a 50 MW solar power plant<\/a> at the Benban complex, and plans to set up a waste-to-energy facility<\/a> in 10th of Ramadan City.<\/p>\n

A Saudi investment spree:<\/strong> This comes just a day after Saudi companies signed 14 agreements<\/a> to invest USD 7.7 bn in Egypt during Crown Prince Mohammed bin Salman\u2019s visit. The agreements included a USD 1.5 bn wind farm project \u2014 set to be one of the largest onshore wind farms in the world \u2014 for which ACWA Power and Hassan Allam Holding signed a 25-year power purchase agreement (PPA).<\/p>\n

IN OTHER INVESTMENT NEWS- <\/strong><\/p>\n

<\/a> Abu Qir Fertilizers is looking to build an industrial complex<\/strong> with investments of <\/strong>USD 1.2 bn<\/strong>, the EGX-listed company said in a statement<\/a>(pdf)<\/a>. One of the factories will produce 1.2k tons of ammonia per day, the other will produce 1.8k tons of nitric acid a day and the third will produce 2.4k tons of granular ammonium nitrate daily. The company\u2019s board gave its preliminary approval for the establishment of a company to manage the three factories, which will be financed with 70% debt and 30% equity, split between Abu Qir, the Egyptian General Petroleum Corporation, and some other shareholders.<\/p>\n","protected":false},"excerpt":{"rendered":"

Alhokair Group subsidiary FAS Energy is planning to invest some USD 450 mn (SAR 1.7 bn) to construct a 500 MW solar plant in Egypt in partnership with the Electricity Ministry and the Egyptian Electricity Transmission Company (EETC), FAS Energy CEO Sabri Asfour told Enterprise. The firm is in final negotiations on the location of […]<\/p>\n","protected":false},"author":1,"featured_media":547489,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7272],"tags":[93,72,2083,125,151,219],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-energy","tag-enterpriseam","tag-fas-energy","tag-investment-watch","tag-renewables","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"495756fd-2671-4978-b10a-7f23f4bcea99","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/6\/284.jpg","photo_position":"above","related_issue":[547480],"teaser":"","voice_url":""},"yoast_head":"\nAlhokair subsidiary to build USD 450 mn solar plant in Egypt - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/23\/alhokair-subsidiary-to-build-usd-450-mn-solar-plant-in-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Alhokair subsidiary to build USD 450 mn solar plant in Egypt\" \/>\n<meta property=\"og:description\" content=\"Alhokair Group subsidiary FAS Energy is planning to invest some USD 450 mn (SAR 1.7 bn) to construct a 500 MW solar plant in Egypt in partnership with the Electricity Ministry and the Egyptian Electricity Transmission Company (EETC), FAS Energy CEO Sabri Asfour told Enterprise. 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mn in Egypt projects: Fas Energy, a subsidiary of Saudi Arabia\u2019s Al Hokair Group, is looking to invest up to USD 420 mn in solar energy and waste recycling projects in Egypt, company general manager Sabri Asfour is quoted by\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":597587,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/31\/fas-energy-to-invest-usd-500-mn-in-waste-energy-plant\/","url_meta":{"origin":547488,"position":1},"title":"Fas Energy to invest USD 500 mn in waste energy plant","author":"enterpriseam admin","date":"31 July 2019","format":false,"excerpt":"INVESTMENT WATCH- Fas Energy to invest USD 500 mn in waste energy plant: Saudi-based Fas Energy is planning to invest USD 500 mn to construct a waste-to-energy plant in 10th of Ramadan City under an MoU with the New Urban Communities Authority (NUCA), according to a company statement Mubasher picked\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":610401,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/20\/alhokair-unit-could-invest-up-to-usd-1-5-bn-here-next-year\/","url_meta":{"origin":547488,"position":2},"title":"Alhokair unit could invest up to USD 1.5 bn here next year","author":"enterpriseam admin","date":"20 November 2023","format":false,"excerpt":"Other participating companies could make announcements today","rel":"","context":"In \"EnterpriseAM\"","block_context":{"text":"EnterpriseAM","link":"https:\/\/enterpriseam.com\/egypt\/tag\/enterpriseam\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1029.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":648561,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/06\/al-hokair-to-invest-usd-100-mn-in-solar-energy-projects-this-year\/","url_meta":{"origin":547488,"position":3},"title":"Al Hokair to invest USD 100 mn in solar energy projects this year","author":"enterpriseam admin","date":"6 April 2017","format":false,"excerpt":"Saudi\u2019s Al Hokair Group is planning to invest USD 100 mn in Egypt\u2019s solar power sector this year, Al Borsa reports. Cabinet has approved Al Hokair subsidiary FAS Energy\u2019s financial model for a 50 MW solar station it is proposing to build under phase one of the feed-in tariff program,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":631739,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/26\/fas-energy-to-complete-work-on-its-benban-solar-power-plant-in-august\/","url_meta":{"origin":547488,"position":4},"title":"Fas Energy to complete work on its Benban solar power plant in August","author":"enterpriseam admin","date":"26 March 2018","format":false,"excerpt":"Fas Energy, a subsidiary of Saudi\u2019s Al Hokair Group, is planning to complete work on its 50 MW solar power plant in the USD 2.8 bn Benban park by August this year, a company source tells Al Borsa. The project is being implemented under phase one of the feed in-tariff\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":623083,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/21\/fas-energy-reportedly-completed-usd-75-mn-50-mw-solar-power-plant-under-fit-phase-one-program\/","url_meta":{"origin":547488,"position":5},"title":"Fas Energy reportedly completed USD 75 mn 50 MW solar power plant under FiT phase one program","author":"enterpriseam admin","date":"21 October 2018","format":false,"excerpt":"Fas Energy, a subsidiary of Saudi Arabia\u2019s Al Hokair Group, reportedly completed a 50 MW solar power plant under phase one of the feed-in tariff program for USD 75 mn, an unnamed official from the New and Renewable Energy Authority said, according to Al Mal. We reportedearlier this month that\u2026","rel":"","context":"In "Infrastructure"","block_context":{"text":"Infrastructure","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/infrastructure\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547488","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=547488"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547488\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547480"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/547489"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547488"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547488"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}