FAS Energy, the renewable energy development company of Saudi Arabian conglomerate FAWAZ AlHokair and sister company to MARAKEZ, has signed a memorandum of understanding with the Ministry of Housing represented by the New Urban Communities Authority to develop a project to convert waste into electricity. With investments exceeding USD 500 million and a capacity of 100 MW, 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.
As industry leaders in the field of sustainable development, 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 USD 100 million, which was launched earlier this year and with capacity of 50 MW.