Petroleum Africa
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Tuesday, February 23, 2016
Acwa Power and three international institutions have agreed to fund a power plant in Egypt. The facility, to be located at Dayrut, is expected to generate 2,250 MW of energy, at a cost of $2.1 billion.
Acwa Power signed an agreement with the Chinese Silk Road Fund to fund part of the project. The EBRD and the IFC will also provide part of the project’s funding.
The company is continuing the final negotiations with the Egyptian Ministry of Electricity and a weekly meeting will be held with Ministry officials until the contract is conducted.
The Dayrut power plant consists of three units with a capacity of 750 MW each.
In accordance with the BOO system, the investor will make use of the land for 25 years. In addition, agreements will be signed between the investor and the Egyptian Electricity Transmission Company (EETC) to purchase the energy produced from the project.
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