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Saudi ACWA Power Signs $190 Mln Worth Solar Projects in Egypt

Saudi ACWA Power inked contracts worth 190 million dollars to generate solar power in Egypt.(ACWA Power's Twitter)
Saudi ACWA Power inked contracts worth 190 million dollars to generate solar power in Egypt.(ACWA Power's Twitter)
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Saudi ACWA Power Signs $190 Mln Worth Solar Projects in Egypt

Saudi ACWA Power inked contracts worth 190 million dollars to generate solar power in Egypt.(ACWA Power's Twitter)
Saudi ACWA Power inked contracts worth 190 million dollars to generate solar power in Egypt.(ACWA Power's Twitter)

Saudi ACWA Power inked on Tuesday contracts worth 190 million dollars to generate solar power in Egypt, announced the company.

ACWA Power has secured three solar photovoltaic (PV) power plant contracts in Egypt.

Located in Benban’s Aswan province, the PV power plants will boast an aggregate capacity of 165.5MWp, and will be developed at a total investment value of approximately $190 million (SAR712.5m).

"The Benban projects are significant for being ACWA Power’s first investment in the country and we are confident that we will have many more opportunities to partner with the Ministry of Electricity in its pursuit of energy security,” he said.

Hosted by the Government of Egypt, the power purchase agreement (PPA) was attended by Engineer Gamal Abd-Al Rehem, chairman of the Egyptian Electricity Transmission Company (EETC), and Mohammad Abunayyan, chairman of ACWA Power, as well as other dignitaries.

The deal, which was awarded under Round 2 of the Feed-in-Tariff (FiT) program, will see the Saudi Arabia-based company develop, finance, build, own and operate the plants.

ACWA’s projects are in keeping with the Government of Egypt and Ministry of Electricity and Renewable Energy’s (MoERE) target to achieve 20 percent of its energy generation from renewable sources by 2022. The FiT program aims to secure an initial generation of 2,000MW of solar capacity and 2,000MW of wind capacity.

ACWA Power is a developer, investor, co-owner and operator of a portfolio of power generation and desalinated water production plants currently with presence in 11 countries including in the Middle East and North Africa, Southern Africa and South East Asia regions.

Following the signing of the agreement, ACWA Power said that it expects to begin construction in the final quarter of this year. These will be the first projects that the company has developed in Egypt, and it is working with Egyptian companies Tawakol and Hassan Allam Holding to deliver them.

Once they begin operations next year, the plants will be expected to provide enough power for 80,000 homes, saving around 156,000 tons of CO2 per year when compared with conventional sources.

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China’s First Four-Month Steel Exports at Record High Despite Tariff Turmoil 

Workers install steel rods at a construction site in Miami, Florida, US, March 11, 2025. (Reuters)
Workers install steel rods at a construction site in Miami, Florida, US, March 11, 2025. (Reuters)
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China’s First Four-Month Steel Exports at Record High Despite Tariff Turmoil 

Workers install steel rods at a construction site in Miami, Florida, US, March 11, 2025. (Reuters)
Workers install steel rods at a construction site in Miami, Florida, US, March 11, 2025. (Reuters)

China's steel exports in April topped 10 million metric tons for a second straight month bringing the total in the first four months to a record high, underpinned by front-loaded shipments ahead of US President Donald Trump's hefty tariffs.

The world's largest steel producer and exporter shipped 10.46 million tons of steel last month, customs data showed on Friday. While largely unchanged from March, exports were 13.5% higher than the same month in 2024.

Exports from January to April jumped by 8.2% from the year before to an all-time high for the period of 37.89 million tons.

"Steel exports in April are a bit higher than our expectation, albeit maintaining positive annual growth, supported by sustained front-loading orders observed," said Jiang Mengtian, a Shanghai-based analyst at consultancy Horizon Insights.

Jiang forecast May shipments to slow as tariff and widening trade protectionism started to bite.

Washington's tariffs threaten the transshipment trade, where third countries resell Chinese steel to the US, while China's top steel customers like South Korea and Vietnam have also imposed duties to avoid steel being rerouted and dumped in their markets.

Second-quarter exports are set to fall by as much as a fifth from the first quarter as a result, eight analysts and traders told Reuters earlier this week.

China's April iron ore imports climbed by 9.8% from March to the highest since December, as improved margins encouraged mills to book more seaborne cargoes.

The world's largest iron ore consumer brought in 103.14 million tons of the key steelmaking ingredient last month, up from a 20-month low of 93.97 million tons in March.

The volume last month, which was largely in line with analysts' expectations, was also 1.3% higher than 101.82 million tons in April 2024.

"Since March imports missed expectations, it's not surprising to see higher iron ore imports in April, which could also be reflected in higher hot metal output last month and a pile-up in inventory in the last two weeks of April," said Pei Hao, an analyst at international brokerage Freight Investor Services (FIS).

In the first four months of this year, China's iron ore imports slid 5.5% from the year earlier to 388.36 million tons, the data showed.