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FINANCIAL NEWS
Egypt, Uganda plan power JV
08 Dec 2010
(MENAFN) Egypt’s Electricity Minister, Hassan Younes, revealed that the country has decided to form a joint venture to produce 1,700 megawatts (mw) of hydroelectric power in Uganda, Reuters reported.
According to Younes, the mentioned joint venture would fund the generation of 1,000 mw, and an Egyptian company was interested in investing in a further 700 mw.
An Egyptian hydro-power company could build three hydroelectric plants for an investment of $100 million as part of the deal, said the Minister.
Younes explained that Uganda, Kenya, Ethiopia, Tanzania and Rwanda have signed a new agreement in May that would reduce Egypt’s share of 55.5 billion cubic meters of Nile water. The Nile’s total flow is estimated at around 84 billion cubic meters.
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