Monday, April 15, 2024
HomePower SectorEgypt Secures Partial Financing for Power Plants

Egypt Secures Partial Financing for Power Plants

The country’s Egyptian Electricity Holding Company signed a loan contract with a consortium of 10 Egyptian banks worth $1.2 billion.

With this partial financing for three new power plants in Egypt is been secured.  The power plants will be built by Siemens.

The $8b deal which will be built by Siemens has Siemens constructing build natural-gas and wind-powered plants, which giver the country’s power grid a big boost.

The plants are expected to begin operation in December 2016 and are expected to raise Egypt’s electricity capacity by more than 50%.

Electricity Minister, Mohamed Shaker has stated that the goal is to raise electricity capacity to 49,000 MW before 2020, up from current 32,000 MW, according to the Egypt Independent.



Please enter your comment!
Please enter your name here

Most Popular