From searching for other reports of the following error:
“LogCompile:Error: Failed to initialize the engine (PreInit failed).”
it seems that the issue is that you may have a plugin enabled in your project that is no longer available. Can you try editing your .uproject file in a text editor program and see if this is the case? There should be an entry for a plugin if so, with an “Enabled : True” under it. If you change to this False, you should be able to generate project files after that.