Minister of Electricity Mohamed Shaker on Monday oversaw the signature of three contracts with a value of EGP 105m for electrical operations in the Suez Thermal Power Plant to generate 650MW, a statement from the ministry said. "The project is composed of 19 processes, of which 16 have been finished by signing these three contracts," spokesman of the Ministry of Electricity Aktham Abou El-Ela said. Abou El-Ela stated that the agreement was reached between "Egyptian and foreign companies", but did not disclose the names of the companies. He added that a new agreement would be signed on Wednesday "with a value of roughly EGP 400m". The project, which will be connected to the national electric grid, consists of a steam boiler that operates using natural gas, diesel oil and a steam turbine with a capacity of 650MW. The project will require EGP 4.7bn in investments, and will be partially financed by the Islamic Development Bank, African Development Bank and the National Bank of Egypt. Shaker said that the power plant, which is to be implemented over a period of five years, is expected to begin operating in early 2016. Former First Undersecretary of the Ministry of Electricity Mohamed Moussa Oumran revealed during the New and Renewable Energy summit in February the government's long-term plan to generate 5,500MW of electricity using traditional energy and 250MW with renewable energy by 2027, in an effort to increase the country's electricity production.
