The Egyptian Minister of Electricity, Mohamed Shaker, stated that his ministry, together with the Ministry of Petroleum and Mineral Resources,  is proceeding with negotiations with Saudi ACWA Power to establish an electricity power plant in Dairut. He added that the two ministries are holding weekly meetings to finalize the contracts, reported Al Borsa.

The ministry of electricity is planning to add 2250MW from Dairut plant under its five years plan. The project, which will take three years to complete, is considered the first facility within Egypt to apply a build, own, operate (BOO) agreement. The plant will consist of 3 complexes, each having a  750MW capacity, and it will utilize combined cycle technology that produces one third of the used energy without consuming extra fuel.

In older news, a source with the ministry had stated that the parties were finalizing the deal’s legal terms, with Egypt agreeing with ACWA Power to execute 90% of the project. Talks held between Shaker and ACWA also addressed clauses pertaining to financial guarantees and arbitration.