$500m Deal with Egypt’s Ministry of Housing : Waste to Energy MOU for FAS Energy in Egypt
Riyadh, Saudi Arabai based renewable energy development company, FAS Energy, and its sister company, MARAKEZ, which specialises in real estate investments in the Middle East, has signed a memorandum of understanding with Eygpt’s Ministry of Housing to develop a waste to energy project.
The Ministry was represented by the New Urban Communities Authority (NUCA), which aims to creating new civil centres for community stability and economic prosperity and the redistribution of inhabitants far from the Nile valley.
FAS Energy is the renewable energy subsidiary of Fawaz AlHokair Group. The company aims to provide renewable energy solutions for the Middle East and North Africa region.
With investments exceeding US$500 million and a capacity of 100MW, the power plant will serve the cities located in Cairo East and subject to the NUCA, including New Cairo, El Shorouk, Badr City and the 10th of Ramadan.
Under the deal FAS Energy will conduct the technical, environmental and financial studies needed the project
This is the second FAS project in the field of power generation in Egypt following the opening of its first project, the Benban Solar Park - Aswan with investments of $100 million, which was launched earlier this year and with capacity of 50MW.
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