Egypt’s Ministry of Electricity is closing in on deals with Saudi private electricity plant developer Acwa Power and international finance institutions for a project to build a 2.25GW power plant at Dairut, on the west bank of the River Nile in Assiut governorate. The development cost is estimated at $2.2bn.

The Cairo government is pursuing the project despite Acwa being the only company bidding for the development, though 19 companies and consortia submitted qualification documents...