Cairo – Mubasher: Negotiations between Saudi Arabia's ACWA Power and the Egyptian Ministry of Electricity over building a 2,250-megawatt Dairut power plant have been stopped, informed sources at the ministry said.
The two parties held a series of meetings, but they did not reach a deal, the sources added, the sources told Al Borsa newspaper.
On a related note, the Saudi Arabian utility developer approved transferring the project to the Upper Egypt governorate of Luxor from Dairut. However, ACWA said that thus far it has not received the land plot of the project.
The Saudi power firm has spent around $28 million on the project’s studies, while the total cost of the power plant amounted to $2.2 billion.
Three international financial institutions are to participate in funding Dairut’s power plant, including China’s Silk Road Fund, and the Saudi Public Investment Fund (PIF).