A $7 billion investment is set to shape a new future for the energy sector in Syria, led by Qatar’s UCC Holding as part of an international consortium that brings together top-tier global players and pioneers in the energy sector.
UCC said in a statement that the project includes four natural gas power plants and one solar power plant, with a total capacity of up to 5,000 megawatts. It aims to address the electricity deficit, supply energy to vital sectors and create thousands of jobs across various sectors.
The four combined-cycle gas turbine power plants will have a total capacity of 4,000 megawatts, while the solar power plant in southern Syria will have an initial capacity of 1,000 megawatts.
Project to provide over 50 percent of Syria’s electricity needs
Construction is expected to begin after final agreements, and is set for completion within three years for the gas plants and less than two years for the solar plant. Once completed, Qatar-led projects are expected to provide over 50 percent of Syria’s electricity needs.
The agreement was signed by Syrian Energy Minister Mohammed al-Bashir in the presence of Syrian President Ahmed al-Sharaa and U.S. envoy for Syria, Thomas Barrack.
“We extend our deepest thanks and appreciation to His Highness Sheikh Tamim bin Hamad Al Thani, the Amir of the State of Qatar, for his continuous support and wise guidance, which reflect His Highness’s firm commitment to advancing regional development projects, especially in the Syrian Arab Republic, and to strengthening Qatar’s role in building a more stable and prosperous future for the region,” said the company.
Read: Abu Dhabi to invest over $10 billion to power data center industry, says TAQA CEO
Syria’s power sector recovery to cost $11 billion
Syria’s electricity sector has witnessed severe damage to its grid and power stations amid persistent fuel shortages, generating only 1.6 gigawatts of electricity, down from 9.5 gigawatts before 2011. Reviving the power sector is expected to cost around $11 billion.
The projects will be financed through regional and international banks, in addition to capital injection from the partners, UCC Holding CEO Ramez Al Khayyat said. They are expected to create 50,000 direct and 250,000 indirect jobs during execution, the CEO added.
In its statement, Qatar’s UCC thanked President Donald Trump, who paved the way for this project through his historic decision to lift sanctions on Syria. “This move clearly demonstrates a commitment to supporting stability, development and reconstruction,” it added.
