Egypt’s New and Renewable Energy Authority (NREA) enters into an agreement with UK’s Eversheds Law Firm to be the legal consultant for the first Egyptian-Emirate energy producing company that will construct a 200 MW power facility in the Suez Gulf area. The project’s investments are estimated at  $250m. NREA shares in the venture are around 15-20% , with the Emirate partner’s stake at about 75-80% and the possibility of adding additional investors, reported Al Borsa News.

A source from NREA stated that the contract with Eversheds will last untill the end of the project. NREA also contracted PricewaterhouseCoopers to perform the project’s financial study.

NREA’s source added that the African Development Bank agreed to fund NREA’s stake in the project by providing a $50m loan.