Egypt to reopen bidding for Ataqa Mountain pumped storage power plant
Updated 1/29/2025 10:29:00 AM
Arab Finance: Egypt is planning to reoffer the Ataqa Mountain pumped storage power plant project in Suez to investors, after Chinese company Sinohydro failed to secure the needed funding for the project, Asharq Business cited an unnamed government official.
In 2015, the government signed a framework agreement with Sinohydro to implement a 2,100-megawatt (MW) hydroelectric power plant on the Red Sea with initial investments of $2.3 billion.
The official highlighted that the Chinese firm called on the government to participate in securing financing, but the request was declined.
Indian, Chinese, and European firms have shown initial interest in implementing the project, according to the official.
The official said the project has a surplus of electricity in the grid, amounting to about 15,000 MW, expecting further large capacities of new and renewable energy into the grid during the coming years.
Meanwhile, the state has completed studies to establish two projects to produce electricity through hydropower through pumping and storage systems with capacities of up to 2,000 MW.
The two projects in Qena and Luxor have combined investments of $2.5 billion.
Egypt aims for renewable energy to reach 42% of its electricity generation mix by 2035.
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