Egypt: EIB approves loan for El Shabab power station


Issue 273 - 14 Mar 2014 | 1 minute read

The European Investment Bank (EIB) signed a €205m ($284m) loan agreement on 9 February to finance the conversion of the 1,000MW El Shabab open cycle gas turbine power plant to combined cycle. The project, which will increase generation capacity at the facility near Ismailia to 1,500MW, will be co-financed by the European Bank for Reconstruction and Development and the Saudi Fund for Development, and is expected to cost around €413m. Following the conversion, El Shabab will be used as a base load plant, which will increase its load factor from 50% to 85%. Commercial operation is expected to begin in Q3 2016.

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