Egypt: EIB finances conversion of power plant for 205 mln

El Shabab project is expected to reach a 50% increased capacity

10 February, 19:14

    (ANSAmed) - BRUSSELS, FEBRUARY 10 - The European Investment Bank (EIB) has signed a loan agreement for an amount of 205 million euros to finance El Shabab power plant project. The project consists of the conversion of an open-cycle power plant to combined-cycle gas technology and it should significantly improve the generating efficiency of the power plant, resulting in an increase in capacity to 1500 MWe representing a 50% increase in electricity output, in order to meet the growing electricity demand at a competitive cost and with a low environmental impact.

    The project will be co-financed by the European Bank for Reconstruction and Development (EBRD) and the Saudi Fund for Development. Once fully developed, according to EIB this complex will contribute to the expansion of basic energy infrastructure needed for the economic development of Egypt. "Through this project, we aim to promote the productivity and competitiveness of the Egyptian economy and to create jobs. We aim to contribute to the improvement of the daily life of the Egyptian people and to the building of a future for the younger generation" the EIB Vice-President Philippe de Fontaine Vive said. (ANSAmed)
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