(MENAFN) Egypt's state-run power company EEHC announced it has signed a memorandum of understanding with Abu Dhabi-based Al Nowais Investments, Gulf Daily News reported.
The MoU was signed to enable the firm to lead a consortium to build Egypt's first coal-fired power plant in the Suez area to meet the country's acute power shortage problems.
Under the MoU, Al Nowais will provide 70 percent of the capital, though the company declined to give an estimated investment value for the plant or funding details of the deal.
Meanwhile, Al Nowais Investments said that they are looking into the possibility of having investors from Singapore, South Korea, China and Egypt to fund the remaining 30 percent of the plant, which will be built in Ayoun Moussa in the Suez area.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.