Cairo - Mubasher: El Sewedy Electric said it will invest EGP 233 million as part of an alliance with Germany’s Siemens and the Egyptian Electricity Transmission Company (EETC) to establish a set of power stations in Egypt.
The joint venture's (JV) total value amounts to EUR 238 million (EGP 2.04 million), said the company in a bourse filling.
Earlier, Siemens and El Sewedy Electric signed an agreement with the Egyptian Electricity Transmission Company (EETC) to build six power transformation plants at an output capacity of 550,220 Kilovolt.
The power plants are scheduled to start operating on August 2016, while it is expected to be completely finished within 18 months.
