The Egyptian Minister of Electricity and Renewable Energy, Mohamed Shaker, met with representatives from Saudi ACWA Power to discuss Dairut power plant, with investments reaching about $2.1b.

A source with the ministry 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. These issues are expected to be swiftly resolved as contracts are scheduled to be signed before the end of November, reported Al Borsa.

The Dairut power plant will produce 2250MW , and it is the first facility within Egypt to apply a build, own, operate (BOO) agreement. Accordingly, the investor will own the rights to the project’s land for 25 years.

In April, Egypt Oil&Gas reported that Egypt held talks with three foreign energy companies about $7.5b worth of contracts to add 6,750MW to the country’s electrical grid. The first contract was intended for the Saudi company ACWA Power to establish the Dairut power plant.