CAIRO: An Emirati investor has offered to provide $7.5 billion for the construction of a new oil power plant in Egypt capable of producing 3,960 megawatts a day.
At a meeting with the Cabinet Tuesday, Emirati Hussein Gasem Nweeis told Prime Minister Ibrahim Mahlab that he would build the plant in three stages, with each stage providing 1,320 megawatts a day, according to a cabinet press release.
Nweeis is the chairman of the Khalifa Fund and Senaat Holding Company. He is also a board member of Rotana Hotels.
The Nweeis-Mahlab meeting occurred the same day that Minister of Electricity, Mohamed Shaker signed a 301 million EGP ($43.3 million) deal to secure and prepare the site of a future southern Helwan oil power station, according to Youm7.
The Helwan station is expected to generate 1,950 megawatts a day and cost 12.5 billion EGP. The first unit of the project is expected to launch in November 2017, while the second and third units will be operational by mid-2018.
Shaker attended the meeting with Nweeis and Mahlab and said that the Emirati investor has a team to conduct the necessary studies to execute the project, which will be in the Oyun Musa region in South Sinai.
The two power projects are expected to help Egypt confront its ongoing power crisis, as the country currently suffers from regular rolling blackouts.