Cairo Electricity Production Company’s CEO, Mohamed Mokhtar, stated that the company has finalized a loan of around $2.2m from HSBC bank at an interest rate of 3%. The amount will be used to fund the construction of 6th of October power plant, reported Al Mal News.
The company contracted Italy’s Ansaldo Caldaie Company to issue a transformation contract to transfer the power plant’s running system into a combined cycle power system. Ansaldo will perform the project according to an engineering, procurement and construction (EPC), with the additional of financing, agreement. Furthermore, Ansaldo helped Cairo Electricity Production Company in securing the loan from HSBC.
The proposed power plant will produce 326MW of electricity . The facility will run on the exhaust fumes of four adjacent gas units. The project is expected to launched in mid 2017.