The government of Ethiopia has cancelled the contract with Metals and Engineering Corporation (METEC) for a USD four billion project on the Nile river sighting delays in completing the project. The contract will now be awarded to some other company.
The Italian firm Salini Impregilo remains the main contractor for building the Grand Renaissance Dam, while METEC was the contractor for the electro-mechanical and hydraulic steel structure divisions of the project.
The project will generate 6,000 MW of energy; 60 percent work on the project has been completed so far. The project was slated to be completed in five years but timeline has been stretched to seven-eight years with none of the turbines yet operational.