The Ministry of Electricity and Renewable Resources has agreed with Saudi renewable energy company ACWA Power the purchasing price of energy generated by the planned Luxor power plant, Al Mal reported.

The ministry will pay 1.88 cents per kilowatt per hour, according to the latest news.

Egypt signed a deal with ACWA Power on November 1 that will see the Saudi company invest $2.3 billion in the plant, which is expected to generate 2.25 GW of electricity when it becomes operational in 2023.

The Ministry of Electricity is currently negotiating with the Ministry of Petroleum to provide the project with the needed fuel in return for obtaining the produced energy at a lower price.