Cairo – Mubasher: Elsewedy Electric Co will sign a deal with Arab Contractors for the construction of a $3 billion hydroelectric power plant in Tanzania in four years, Elsewedy’s marketing director said.
Arab Contractors will hold a 55% stake in the project, while Elsewedy will have the remaining 45%, Reuters reported, citing Ahmed Hassouna.
The plant, expected to be one of Africa’s biggest dams, will include nine turbines with a total production capacity of 2,100 megawatts, Hassouna noted.
He also added that Elsewedy has signed a $500 million credit facility with the African Export-Import Bank (Afreximbank) to expand in Africa.
Land plots spanning 100,000 square metres in Uganda are expected to be delivered to Elsewedy within a few days for the construction of a factory for manufacturing transformers, smart counters, and isolators, Hassouna said, pointing out that the construction work is set to commence in 2019.
In July, CEO of Elsewedy Electric Ahmed El Sewedy revealed that the Egyptian cable maker would partner with Arab Contractors and other firms to compete for the construction of a hydroelectric dam in Tanzania.
In October, the Arab world's largest listed cable company announced that the consortium received the preliminary approval to commence the construction of a hydroelectric power plant in Tanzania.
