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Ucc Holding-Led Consortium Signs $7 Billion Deal To Build Power Plants In Syria

water
May 30, 2025
Article Source LogoConstruction Week
Construction Week

In a major step towards rebuilding Syria’s energy infrastructure, a consortium of international companies, led by Qatar’s UCC Holding, has signed a strategic Memorandum of Understanding (MoU) with the Syrian government to develop large-scale power generation projects valued at approximately $7 billion.

The agreement, signed under the patronage of His Excellency Ahmed Al-Sharaa, President of the Syrian Arab Republic, marks a significant milestone in Syria’s post-conflict reconstruction efforts. The project aims to enhance energy security, boost electricity supply, and drive economic recovery across the country.

The consortium, spearheaded by UCC Concessions Investment (a subsidiary of UCC Holding), includes Power International USA LLC, Turkey’s Kalyon GES Enerji Yatırımları A.Ş., and Cengiz Enerji San. ve Tic. A.Ş. Together, they will develop four combined-cycle gas turbine (CCGT) power plants—located in Traifawi (Homs), Zayzoun (Hama), Deir-Azzour, and Mehardeh (Hama)—with a total generation capacity of 4,000 MW, as well as a 1,000 MW solar power plant in Wedian Alrabee, in southern Syria.

The projects will be delivered under Build-Own-Operate (BOO) and Build-Operate-Transfer (BOT) models, with the corresponding power purchase agreements. Construction is expected to begin after final agreements and financial close, with the gas plants scheduled for completion within three years and the solar plant within two years.

The MoU signing ceremony took place in Damascus, attended by key dignitaries including U.S. Special Envoy for Syria Tom Barrack, Qatari Chargé d’Affaires Khalifa Abdullah Al Mahmoud Al Sharif, and Turkish Ambassador to Syria Burhan Koroglu.

“This agreement is a landmark step in Syria’s path to reconstruction and energy security,” said Barrack, adding that the initiative aligns with broader goals for regional stability and economic recovery.

Syria’s Minister of Energy, Mohammed Al Bashir, emphasised the project’s role in strengthening the national grid and addressing the country’s growing energy needs. “This partnership combines international expertise with our national priorities,” he said.

Ramez Al Khayyat, President and Group CEO of UCC Holding, highlighted the transformative potential of the project. “These developments reflect our vision for sustainable and impactful infrastructure that supports Syria’s energy transition and long-term economic resilience,” he said.

Cemal Kalyoncu, Chairman of Kalyon Holding, said, “As Türkiye’s largest investor in renewable energy, we are proud to contribute to rebuilding Syria’s infrastructure through this project.”

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