Egypt, Cairo: The Egyptian Electricity Transmission Company (EETC) has decided to postpone the tenders for eight transformer substations at a cost of $370 million until it obtains the first tranche of a loan from the National Bank of Egypt (NBE) totalling $18 billion.
EETC and NBE agreed on a loan of $18 billion to support the national grid, with the Ministry of Finance and the Central Bank of Egypt (CBE) committing to bear the loan interest, and EETC bearing the repayment of the loan only, reports Daily News Egypt.
According to the source, the tender for the construction of four transformer substations for the construction of four transformer substations worth $120 million, which Transformers Magazine informed about, will soon be put forward. The tender includes setting up three 500 kV substations will be erected in East Sohag, in Qena, and in Zagazig, and one 220 kV substation in Bilbes.
The tender for the remaining four transformer substations will also be put forward for the erection of 500 kV substations in the New Administrative Capital, Kafr El Sheikh, Qena, and Zagazig.
Source: Daily News Egypt