GE obtains financial closure to build four substations in Egypt
GE has secured financial closure for a $250m contract to build four gas-insulated substations (GIS), which are expected to help connect 7GW of power to Egypt’s national grid.
Completion of the financial closure will help promote smooth execution and operation.
GE signed a deal with the Egyptian Electricity Transmission Company (EETC) to build the GIS in July last year.
The GIS' output is equal to the electricity required by more than 6.5 million homes in Egypt. The Deutsche Bank and HSBC France have financed the project, which includes the development of four substations in Egypt’s Mostasmerin, Beni Suef, Tami El Amdid, and East Ismailia regions.
EETC chairman Gamal El-Rehim said: “This project is key to 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.”
In consortium with Egyptian contractor Rowad Modern Engineering, GE has been undertaking the construction work for the GIS project. Under the new deal with EETC, GE will also provide a digital data protection system, a network management system, and telecommunication technologies to help connect the substations to the National Energy Control Centre in Egypt.
Following the installation, Egypt’s national grid is expected to be benefitted from several solutions such as smarter networks, condition-based maintenance and greater load control to prevent outages.