Samanoud and Abo El Matameer transformer stations get EUR 100 mn

BNP Paribas has signed a EUR 100 mn agreement to facilitate financing the construction of two 220/500 kV transformer stations in Samanoud and Abo El Matameer, according to Al Mal. The funding will be extended to the Finance Ministry on a long-term basis and is guaranteed by Euler Hermes with BNP Paribas the lead arranger. Siemens and Elsewedy Electric are building the stations on an EPC+finance basis after the initial agreement for them was signed at the EEDC in March 2015. The transformer stations will be used to deliver electricity produced at the Burullus power station.