The Finance Ministry issued a financial guarantee for Al Nowais’ USD 4 bn 2.65 GW Oyoun Moussa coal plant, a source from the Electricity Ministry tells Al Mal. Al Nowais had previously said it is putting up 70% of the capital for the project, and was in talks with backers in Singapore, South Korea, China, and Egypt to fund the remaining 30%. The Emirati investment group is expected to sign a power purchase agreement with the Egyptian Electricity Transmission Company (EETC) by 1Q2019.

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