CAIRO: Egypt has signed a Memorandum of Understanding (MoU) with London-based Actis LLP to establish a wind powered electricity plant in Suez Gulf at a cost of $350 million, said Egyptian Presidential Spokesperson Alaa Youssef Wednesday.
President Abdel Fatah began Wednesday a two-day visit to UK for enhancing bilateral relations between both sides; Sisi met Wednesday Actis CEO Actis Torbjorn Caesar who stated that the Fund will pump new investing projects in Egypt in fields of renewal energy, Youssef added.
Over past seven years, Actis has operated projects in Egypt and worth around $500 million; it has two power projects in Egypt; one to establish a wind power plant in Ras Gharib in Red Sea and Gasoline-run power plant in Aswan, Youssef continued.
Egypt has launched a plan to produce electricity needed for the Egyptians who suffer from unreliable power in many areas nationwide via using renewable power resources; the government aims to produce 20 percent of consumed power by 2020.
President Sisi met with British Petroleum Co, CEO Bob Dudley who said that the company aims to pump $3 billion to develop the newly discovered gas Atoll Field in Northern Damietta of Nile Delta over the coming three years, Youssef said.
The production of the field will be in 2018 as it is expected to produce 1.5 trillion cubic meters.
President Sisi met with different representatives and CEOs of investment Funds in UK; he also met with former Commercial Secretary to the UK Treasury Paul Deighton who has great experience of infrastructure planning, Youssef said.