China’s Sinohydro seeks establishing pumped-storage power plant in Egypt

The Egyptian Cabinet has agreed in principle on Wednesday to a referendum from China’s Sinohydro company to establish  pumped-storage hydroelectric power station in Ataqah, Suez governorate.

The new station is set to operate with PC+FINANCE system and the capacity of 2,100 MWs.

Sinohydro is a Chinese state-owned hydropower engineering and construction company.

The Cabinet has agreed on increasing the volume of the participations of the Egyptian companies in project’s construction works and lowering project’s cost.

Additionally, the Cabinet has agreed to discuss with the Chinese firm the possibility of repaying the loan in Egyptian pounds, through three tranches instead of one only.

This comes among the framework for activating the agreements that have been signed during Egypt’s March Economic Summit in Sharm El Sheikh, the Cabinet asserted.