Egypt’s El Sewedy Electric to Borrow US$500mn for Power Plant

El Sewedy Electric (SWDY) is negotiating with a number of banks working in Egypt to borrow $500 million, said banking sources who spoke with Shorouk Newspaper.

Sources said state-owned National Bank of Egypt (NBE) is currently forming a bank consortium to cover the loan, and also Banque Misr is negotiating with a number of banks, and Banque du Caire also intends to form an alliance to compete for the loan.

The cable maker intends to use the loan to cover the investment cost for building a new power station, after getting the New and Renewable Energy Authority (NREA)’s approval on the El Sewedy’s offer to build, own, and operate 6 wind power stations with a combined capacity of 100 megawatt with total investments of $1 billion.

 Source:Arab Finance