EBRD and IFC to support Dairut IPP in Egypt

Acwa Power is close to complete agreements with three international institutions to fund the 2,250MW power plant of Dayrut city in Beheira, Egypt.

The project estimated investment is around $2.1 billion. 

We reported in late January that China's Silk Road Fund and ACWA Power signed a Memorandum of Understanding (MoU) in Riyadh to jointly develop the project and the Hassyan Clean Coal Power Plant in UAE.

The Dairut combined-cycle power plant will be developed on a build-own-operate basis for 25 years. The plant is likely to use three 750 MW units, which would take capacity of the project to 2250 MW. The project is expected to take three years to be implemented.

Now the company has also agreed with the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) to provide part of the project's funding.

The company will continue the final negotiations with the Egyptian Ministry of Electricity in the last week of February and a weekly meeting will be held with the ministry's officials until the contract is closed.

An official from the Egyptian Electricity Holding Company (EEHC) recently said they agreed with officials from Acwa Power to hold a weekly meeting until the final agreement is reached and the purchasing price of the electricity produced from the project is decided.