EDEPCO secures $100mn loan for plant conversions
State-owned Egyptian firm signs financing deal with three major banks.
East Delta Electricity Production Company (EDEPCO) has agreed a near $100mn loan with a syndicate of three major banks.
The National Bank of Egypt (NBE), Commercial International Bank (CIB), and QNB AlAhly have agreed to lend state-owned EDEPCO a total of EGP 750mn ($98.3mn). NBE will provide EGP 450mn while CIB and QNB will lend EGP 150mn each.
The loan will be paid over 8 years with a two-year grace period and the first tranche will be disbursed within days, banking sources told Amwal Al Ghad on Thursday.
Part of the financing will support the EGP 6.1bn conversion of power plants in Shabab and West Damietta to combined cycle gas systems.
EDEPCO is adding two 250MW steam turbines to the Shabab plant and one to the West Damietta plant.