Electricity company in Egypt and Egyptian Electricity Holding Company ( EEHC ) are set to receive $525m Loan facility from undesignated banks to ensure that construction of the ongoing power plants is complete.
According to resources the loan is set to facilitate Orascom Construction (OC) and General Electric to complete the projects that they were awarded before the deadline day.
The sources further said the company had recently received a banking financing worth US$521 million, dedicated for carrying out some construction works.
Orascom Construction is among a consortium working on build Assiut combined cycle power plant aims to deliver 375 megawatts to the national electricity network and to operate three units out of eight as the first phase, the source added. Assiut plant is with a capacity ranging between 1,000 and 1,500 megawatts.
Orascom Construction has already completed the first phase of West Damietta power plant with a capacity of 250 megawatts, the source said.
The financing is designated to ensure construction works on two power plants is resumed. The first is in Assiut, located some 320 kilometres (200 miles) south of Cairo, while the second is in Damietta, situated in about 200 kilometres (120 miles) north of Cairo.
Electricity company in Egypt has been working tirelessly in a bid to ensure that the country gets cheap and reliable power
