GE reaches financial closure of $250M substation contract in Egypt
GE has secured a financial closure of a contract worth approximately $250 million with the Egyptian Electricity Transmission Company (EETC) for the construction of four substations across Egypt.
The substations, with power transformers and associated electrical equipment, will connect 7 GW of power to reinforce Egypt’s national grid, and connect 6.5 million homes to the national grid, the company said in a press release.
The agreement includes construction of four substations in Mostasmerin, Beni Suef, Tami El Amdid and East Ismailia.
Al Mostasmerin substation, located in New Cairo, has already been completed and was connected to grid in July 2017, while the remaining three substations expected to be completed by the end of 2018.
The project is financed through Deutsche Bank AG and HSBC France.