Cairo – Mubasher: Elsewedy Electric Co announced that its 99.8%-owned subsidiary Elsewedy Electric for Transmission and Distribution of Energy signed a new agreement worth $38.6 million with Congo’s Societe Nationale d'Electricite (SNEL).
Under the deal, Elsewedy will build a high voltage distribution substation in the city of Kasumbalesa, located in Haut-Katanga province in Congo, according to bourse disclosure on Sunday.
The project will enable efficient management of the flow of energy exchanged between the electricity grid of Southern Africa (SAPP) and that of Congo, improve energy exchanges between Congo and Zambia, and boost the rate of electricity supply to the country.
The engineering, procurement, and construction (EPC) contract will be implemented on a turnkey basis over an 18-month period starting from the project commencement date.
It is noteworthy to mention that in the first quarter (Q1) of 2020, Elsewedy Electric Co reported net profits of EGP 463.69 million, down from EGP 995.5 million in the prior-year period.
