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Tuesday, December 22, 2015
Partial financing for three new power plants in Egypt has been secured. The country’s Egyptian Electricity Holding Company signed a loan contract with a consortium of 10 Egyptian banks worth $1.2 billion. The power plants will be built by Siemens.
The $8b deal with 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.
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