GE declares financial closure of $250M substations in Egypt

CAIRO – 11 September 2017: U.S. giant technology company General Electric (GE) has reached financial closure of $250 million contract signed with the Egyptian Electricity Transmission Company (EETC), GE announced Monday.

Funded by Deutsche Bank AG and UK’s HSBC, GE will build and provide technical solutions for four substations across Egypt, the company said.

The agreement was signed between both parties in July 2016, involving developing the substations in New Cairo, Beni Suef, Dakahlia and Ismailia.

New Cairo’s substation has already been built and connected to the national power grid in July 2017, while other three substations will be finished by the end of 2018.

GE’s Executive Director for northeast Africa Ayman Khattab said the financial closure represents a strong milestone in the company’s projects in Egypt.

Local partner of the project is Rowad Modern Engineering, which is responsible for construction works of secondary substations.

GE has more than 140 gas turbines installed in Egyptian power plants, generating around 30 percent of electricity.

Entering the Egyptian market in 1974, GE had cooperated with the Egyptian government in meeting its energy, transport, technology and health demands through various large-scale projects.

Cooperating with the EETC, GE currently works to connect 7GW of electricity to the national grid using its Gas Insulated Switchgear technology.