Egypt is studying offers from Edra Power Holding Sdn Bhd of Malaysia and Blackstone Group to take over Siemens’ three electricity power plants, Mohamed Shaker, Minister of Electricity, told Bloomberg.
The two firms stated their interest in the three power plant as they have a total capacity of 14.4 gigawatts (GW), according to Shaker.
“We received an expression of interest from the two companies to take over and operate the power plants and we’re looking into it,” Shaker said in a phone interview.
Through the transaction, Egypt aims to decrease debts and boost foreign investments, Shaker noted.
If the deal goes through, Egypt will sign a purchasing agreement with one of the two companies, which will sell the generated electricity to the Egyptian government as it works alongside Siemens, Shaker added.