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Monday, 28 November 2016

Electricity Ministry to delay Damanhour power plant to 2022-2027 plan

The Electricity Ministry has decided to delay issuing the tender for the USD 1.3 bn Damanhour power plant, moving it to its 2022-2027 plan from the 2017-2022 version. Sources tell Al Borsa that after revising the plan, and with the capacity expected to be generated from the Siemens power plants, the ministry decided to postpone the project. The ministry also decided that when it does launch the project, it will be tendered under the EPC+Finance framework. International lenders who have pledged to finance the project will await the tender before deciding to continue with funding the project. These include the European Investment Bank (which pledged USD 600 mn), the Arab Fund for Economic & Social Development (USD 240 mn), and the African Development Bank (USD 80).

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