Shanghai Electric signs power project in Egypt worth over $2 billion

China’s Shanghai Electric Group Co Ltd signed Thursday an agreement to establish a coal-fired power station worth a total of up to $2.2 billion and 3.1 billion Egyptian pounds ($395.91 million) in Egypt, Reuters reported.  The project will be in the Hamrawein area on the Egyptian Red Sea coast.

Earlier this month, Chein Chen Chen, Director of Shanghai Electric in Egypt, said in a phone interview with Daily News Egypt, said his company would establish the project through EPC and Finance, where Shanghai Electric will manage engineering, procurement, and construction work and secure the necessary funding. The state-run Egyptian Electricity Holding Company will pay for the project over several years with allowance for a facilitated payment.