RIYADH: The Syrian Ministry of Electricity and a group of UAE companies will establish a photovoltaic power plant in the Damascus countryside with a capacity of 300 MW, the Syrian News Agency reported (SANA).
A deal between the parties stipulates that the project's financing will be paid in quarterly installments for ten years, after each section of the project is put into service for an implementation period of two years.
The agreement came two days after the visit of a high-level UAE delegation to Syria, led by foreign minister Sheikh Abdullah bin Zayed.
It was the first visit of its kind since the start of the Syrian crisis over 10 years ago.
The Ministry of Electricity of the Syrian regime issued a decision two weeks ago to raise electricity prices in most of its segments between 100 percent and 800 percent, which entered into effect as of Nov. 1.
The price of one kilowatt in the first bracket for domestic consumption increased from 1 to 2 Syrian pounds ($0.0004 - $0.0007) and in the second bracket it increased from 3 to 6 pounds.
The price of a kilowatt in the third bracket increased from 6 to 20 pounds, in the fourth from 10 to 90 pounds, and in the last bracket from 125 to 150 pounds.