The US firm, Recovered Energy Company, made an offer to the Egyptian Ministry of Electricity and Renewable Energy that aims to improve effectiveness of production units in 6th of October power plant, with investments estimated at $30m, reported Daily News Egypt.
Recovered Energy’s Managing Director, Tarek Ghorab, stated that the company proposed a financing offer in cooperation with three foreign banks. Ghorab explained that Recovered Energy will install a system that allows for the restoration of 2,000 MW from power plants, with the 6th of October City facility being the first option. In return, the company will sell energy produced by the units for a period of 12 years. Ghorab added that the Egyptian Electricity Holding Company will not bear any costs associated with the project, as the plants’ production after the updates will cost less than $0.015.
The company expects to receive the ministry’s reply by the end of September.