A source from the Egyptian Ministry of Electricity and Renewable Energy stated that the ministry might consider nullifying memorandums of understanding (MoU) for 6 coal-fired electricity plants. He added that the ministry will issue new tenders for the projects, to guarantee that the Egyptian government obtains the best financial offerings to develop the facilities, reported Al Mal News.
The MoUs were signed in March 2015, during the economic forum held in Sharm El Shiek. They pertained to the production of electricity in El Hamrawein Area, near the Red Sea, with investments estimated at more than $23b.
The companies included in the agreements were China’s Dongfang Electric Corporation and Shanghai Electric Group, as well as Saudi Arabia’s Orascom ,Epic, and Acwa Power, and finally Tharwa Investment Company. The projects had a collective production capacity of over 19,000 MW of electricity, and would have been completed on a Finance and Engineering Procurement Construction (EPC) bases.