Syria signs $7 billion power deal with Qatar's UCC Holding-led consortium
Syria has signed a memorandum of understanding with a consortium of international companies led by Qatar's UCC Holding to develop major power generation projects with a foreign investment valued at about $7 billion, UCC said in a statement on Thursday.
The agreement involves building four combined-cycle gas turbine power plants with a total capacity of 4,000 megawatts, plus a 1,000-MW solar power plant in southern Syria.
"This agreement marks a crucial step in Syria's infrastructure recovery plan," said Syrian Energy Minister Mohammed al-Bashir, who signed the deal in Damascus in the presence of Syrian President Ahmed al-Sharaa and U.S. envoy for Syria, Thomas Barrack.
Construction is expected to begin after final agreements and financial close, and is targeted to finish within three years for the gas plants and less than two years for the solar plant.
Once completed, the projects are expected to provide over 50% of Syria's electricity needs.
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