The European Bank of Reconstruction and Development (EBRD) announced its plan to grant the Egyptian Electricity Transmission Company (EETC) a sovereign loan of approximately €165 million for the purpose of enhancing the nation’s electricity transmission grid.
The loan’s approval date has been set for December 13th.
Utilising the funds, the upgrade of a 500-kilovolt (kV) substation in Cairo will enable the closure of a gas-powered power plant in Shoubra El Kheima.
Furthermore, the loan will also be directed towards the establishment of a 200-kilometre high-voltage overhead transmission line (OHL) that will transmit around 2.1 gigawatts (GW) of renewable energy from the Gulf of Suez region.
The loan will allocate 60% of its proceeds to fund the construction of the transmission line, with the remaining 40% earmarked for financing the 500-kV substation in Cairo and other medium-voltage substations.
