Egypt and Saudi Arabia have signed a $1.8 billion electricity interconnection project that aims to exchange some 3,000 MW during peak times.
The Egyptian Electricity Transmission Company (EETC) and the Saudi Electricity Company said they would sign cable, airline and transformer stations agreements. The deal is valued at $1.8 billion, and will start in 2022.
“Saudi Arabia and Egypt share the same goals, and we work together as a team to implement them,” said Abdulaziz bin Salman, the minister of energy in Saudi Arabia during a virtual conference.
The Egyptian minister of electricity, Mohamed Shaker, said: “The project is a corridor for the transit of electricity to reach the continent of Asia.”