A banking consortium has signed a EGP10-billion ($1.27 billion) agreement with the Electricity and Renewable Energy Ministry of Egypt to set up three power plants in the new administrative capital, a report said.

The three power plants in Kafr El Sheikh and Beni Suef will produce a total of 14,400 megawatts (MW), reported Egypt Independent.

The consortium of 10 banks includes National Bank of Egypt, Banque Misr, Arab African International Bank and others.