GE today announced that it has reached financial closure for the contract worth approximately $250 million signed with the Egyptian Electricity Transmission Company (EETC) and financed through Deutsche Bank AG and HSBC France to provide the company’s advanced grid solutions technologies to four substations across Egypt. This milestone ensures that the project is fully financed and helps secure smooth execution and operations for the project.
The agreement, signed in July 2016, includes the build of four substations in Mostasmerin, Beni Suef, Tami El Amdid and East Ismailia. Al Mostasmerin substation, located in New Cairo, has already been completed and was connected to grid during July 2017; with the remaining three substations expected to be completed by the end of 2018. These four Gas-Insulated Substations (GIS) will help connect 7 gigawatts (GW) of power to the national grid, which is the equivalent to the electricity needs of more than 6.5 million Egyptian homes.
Eng. Gamal Abd El-Rehim, Chairman for EETC added: “ This project is key in supporting the national grid and brings GE’s latest technologies to support Egypt’s grid infrastructure. Egypt’s generation capacity has significantly increased over the last few years and with a target to diversify the energy mix, the need to continue reinforcing and upgrading the grid is key.”
Ayman Khattab, President & CEO for GE North East Africa said: “We are proud to crown our 30-year partnership with EETC by bringing this agreement to life to support the Egyptian national grid with our latest technologies. We are also pleased to announce that the first substation is now complete and will help provide the reinforcement needed to support for the national grid. This speed comes at a significantly important time for Egyptians, and we are proud to have delivered.”
The project is being executed in a consortium with Rowad Modern Engineering, a leading Egyptian contractor, for the construction work of the substations. This agreement is also creating 40 direct jobs, as well as 320 indirect employment opportunities for Egyptians.
As part of the contract, GE will also supply a digital data protection system, network management system and telecommunication technologies, which will help connect the substations to the National Energy Control Center and improve the network’s stability. The installation of GE’s GIS will offer several solutions for Egypt’s grid including smarter networks, condition-based maintenance and greater load control to prevent outages.
With more than 140 advanced gas turbines installed in Egypt, GE helps generate more than 15.5 gigawatts of electricity today - enough to power more than 15 million homes nationwide.
Source: General Electric (GE)
Date: Sep 14, 2017