Romanian company borrows EUR 14 mln for energy project in Egypt

State-owned lender EximBank has granted the local company Romelectro a multi-level financing facility of EUR 14 million for a EUR 30 million project that the contractor will carry out in Egypt together with two other Romanian firms. Within this project, Romelectro is consortium leader for installing and commissioning a 1,200 MW unit at a combined cycle gas power plant in Burullus, Egypt. The project is part of a wide program of the Egyptian authorities to increase the electricity production capacities. The country wants to build three greenfield thermal power plants. German group Siemens provides the equipment within a USD 9 billion contract. Romelectro has subcontracted a part of the works related to installing a 1,200 MW power unit. editor@romania-insider.com (photo source: Romelectro.ro)