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The project was withdrawn from the Chinese company after it failed to secure funding Egypt plans to reissue the tender for the pumped storage hydro power plant in Ataka Mount after China’s state-backed Sinohydro failed to secure funding for the project, Asharq Business reported, citing an unnamed government official. Cairo signed a framework agreement in 2015 with the Chinese company to implement a 2,100-megawatt (MW) project at the cost of $2.3 billion, the report said. The project was withdrawn from the Chinese firm after it requested government participation in securing financing, which was declined. The project plans remain intact and will be presented to investors following interest from Indian, Chinese and European companies, the report said. In October 2023, Energy China had signed an agreement with Egypts Electricity and Renewable Energy Ministry to prepare a technical and financial study for a 2,000 MW pumped storage power plant. |
