Egypt’s Minister of Electricity, Mohamed Shaker, reportedly said the country has received an expression of interest (EOI) for three power plants built by German firm Siemens as part of President Abdel-Fattah El Sisi’s infrastructural push from Zarou Ltd, a unit Blackstone Group, and Malaysia’s Edra Power Holdings, with authorities considering the sale to reduce Egypt’s national debt and acquiring foreign investment.
According to a report by Bloomberg, Zarou and Edra have “voiced interest in the state-owned facilities”, which were built at a cost of $6.7bn, have a total capacity of 14.4-gigawatts, and were inaugurated in July 2018.
Shaker said Zarou and Edra sought to “take over and operate” the plants, but neither company had formally confirmed its intention to Bloomberg.
Should Egypt agree to a deal, a power-purchase agreement will be signed with one of the two companies, which will then sell power to Egypt’s government whilst working with Siemens.
Siemens Egypt’s chief executive officer, Emad Ghaly, said the company was focused on operating and maintaining the plants until 2024.
Edra, a subsidiary of China General Nuclear Power Corp, already owns three thermal power plants in Egypt, according to Bloomberg.