EETC secures $116M loan for new transformer stations
The Egyptian Electricity Transmission Company (EETC) has secured a €98.5M ($116M) loan from BNP Paribas for the establishment and installation of two 220 kV transformer stations in Samannoud and Abu al-Matamir.
The substations, with power transformers and associated electrical equipment, will be erected by Siemens and El Swedey, reports Daily News Egypt.
The loan will be used for financing 85% of the foreign part of the project between Siemens and EETC, which forms part of the agreement between the Egyptian government and Siemens signed in March 2015.
The substations will transfer the power generated from the world’s largest compound cycle power plant in Al Borollos to some 15 million consumers.
Source: Daily News Egypt