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FINANCIAL NEWS
Kharafi to build two power plants in Egypt
20 Oct 2010
(MENAFN) A spokesman for Egypt’s Electricity Ministry said that the government will sign a deal soon with Kuwait’s Kharafi Group to build two power plants in Egypt with a combined capacity of 1,000 megawatts, Reuters reported.
Egypt, which has about 25,000 MW of installed capacity, suffered repeated outages this year and plans to spend $100-120 billion to triple capacity by 2027 by adding about 58,000 MW.
Ministry spokesman Aktham Abul Ela said the contract would be signed before the end of this month, adding that the plants would cost a combined $645 million to build.
The two plants, each with capacity of 500 MW, will be located in Ismailia on the Suez Canal and Damietta on the Mediterranean coast.
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