“Egypt the Future” witnesses Energy Investments Worth More Than $12 Billion

Egypt’s Ministry of Electricity has signed Sunday morning several new agreements with number of Egyptian and international firms to generate and transport electricity on the sidelines of Egypt Economic Development Summit (EEDC) “Egypt the future”.

Mohamed Shaker -Egypt’s Minister of Electricity and Renewable Energy- said to Ahram Online that the agreements include projects for generating electricity from renewable energy, clean coal technology, electricity pumping and storage, in addition to projects to transport the generated electricity from those projects.

The minister added that among the agreements were an agreement signed with two Chinese firms; Shanghai Electric and Dongfang Electric Corporation with US$12 billion total investments.

The two projects targets generating electricity with total capacity of 9.000 megawatts through coal technology and will be established in El-Hmraween areas in South Sinai.

Dongfang Electric Corporation Limited (DEC Ltd.), with headquarter in Chengdu, is a Chinese leading company in manufacturing industry, whose holding company is Dongfang Electric Corporation (DEC).

Shanghai Electric is a multinational power generation and electrical equipment manufacturing company headquartered in Shanghai, China.Shanghai Electric is engaged in the design, manufacture and sale of products including power generation equipment, power transmission and distribution equipment, transformers, switchgear, circuit breakers, transport equipment, machine tools, elevators, packaging and print machinery and environmental protection equipment.

The agreements also include signing a Letter of Intent (LOI) with Sinohydro to construct the first project for generating clean electricity through waterfalls in Galala Mountain in Attaqa, Suez with the capacity of 1950 mega watt. The project is scheduled to be executed within 8 years with cost reaching around US$2 billion.

Sinohydro is an industry leader in engineering and construction, successfully delivering a number of major projects across the world in all business sectors.

Moreover, Electricity Ministry has signed on Saturday agreements with Saudi, Emirati, German, Spanish, American, and Egyptian firms with US$ 30 billion total investments.