Egypt's state-run power company EEHC and Al Nowais Investments have signed a memorandum of understanding (MOU) over the construction of a coal-fired power plant in the Suez area.
Under the MOU, Abu Dhabi-based Al Nowais would lead a consortium to build the power plant in the Ayoun Moussa area. The plant would help Egypt to overcome its ongoing severe power shortages.
Al Nowais would provide 70 per cent of the capital for the proposed project and is reported to be discussing financing arrangements with investors in Singapore, South Korea, China and Egypt.
Coal for the project would be sourced from international markets and imported via a planned jetty.
Al Nowais is carrying out a feasibility study on the proposed project and has not given a time frame for construction. Italy's Technimont is the firm's technical consultant for the project.
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