Egypt signed a contract on Sunday to finance a new phase of the South Helwan power plant with a total cost of up to about LE55 million, the Ministry of Electricity said in a statement.
The component of the project, includes a 3×650-MW (total capacity 1950 MW) supercritical steam technology power plant, fired by natural gas as the primary fuel and by heavy fuel oil as a backup, according to a statement.
Total project cost includes funding from World Bank and non-bank sources in several million US dollars.
The investment cost of the plant around the LE11.7 billion includes funding from World Bank, Islamic Development Bank, Kuwait Fund for Arab Economic Development, the Arab Fund for Economic and Social Development, OPEC Fund and the autonomous resources of Upper Egypt for the production of electricity.
Egypt plans to start the first unit of the project in February 2015, while second and third units in May and August 2018.
