Italian AC BOILERS S.p.A, formerly known as ANSALDO CALDAIE, has implemented the contract to convert the New 6 October power station to operate with the “Combined Cycle” system. And that’s following the signing of the MoU during the “Egyptian Economic Development and Support Conference” In March 2015.
The project is being executed as “EPC + Finance”; which means that the winning company will execute the project as well as provide the required financing, while the Egyptian holding company, as the owner of the project, will repay the financing Loan.
The Italian company provided a loan of approximately 240 million euros from HSBC Italy, with interest less than 3%, while Cairo Electricity Production Company managed the local component of the project with a loan of EGP 400 million, about 20 million euros, with interest at 1.8%, and repayment over 8 years after 3 years grace.
