- Syria signed a $7 billion deal with a consortium led by Qatar’s UCC Holding to build gas and solar power plants totalling 5,000 MW.
- The projects mark a major step in Syria’s post-war recovery, shifting toward private investment and expected to create 300,000 jobs during construction.
Syria has signed a $7 billion memorandum of understanding with a consortium of international companies led by Qatar’s UCC Holding, aiming to revitalise its war-torn electricity sector. UCC confirmed the agreement in a statement on Thursday, May 29.
Under the deal, the consortium will build four combined-cycle gas turbine power plants with a total capacity of 4,000 megawatts and a 1,000-megawatt solar power plant in southern Syria. These projects represent a significant step forward in Syria’s infrastructure recovery.
“This agreement marks a crucial step in Syria’s infrastructure recovery plan,” said Syrian Energy Minister Mohammed al-Bashir. He signed the deal in Damascus, witnessed by Syrian President Ahmed al-Sharaa and U.S. envoy for Syria, Thomas Barrack.
The consortium will begin construction once it signs the final agreements and reaches financial closure. It expects to complete the gas plants within three years and the solar plant in under two years.
The new facilities will also provide over 50% of Syria’s electricity needs. The country generates only 1.6 gigawatts, down from 9.5 gigawatts before 2011, due to extensive damage from 14 years of war, outdated infrastructure, and fuel shortages.
Consequently, Syria estimates it needs $11 billion to reconstruct its power sector. The government is now turning to the private sector to lead the effort, marking a clear shift away from the state-led economic model of the Assad era.
According to UCC Holding CEO Ramez Al Khayyat, the consortium will finance the projects through regional and international banks and direct capital investment from its partners.
“These projects will create 50,000 direct jobs and 250,000 indirect jobs during execution,” Al Khayyat stated.
Moreover, the deal signals a strategic shift in regional alliances. Qatar, once a vocal critic of former President Bashar al-Assad and supporter of rebel forces, is now positioning itself, alongside Turkey, to play a leading role in Syria’s reconstruction.