The Egyptian Electricity Transmission Company (EETC) has signed a joint financing contract with several Egyptian banks that will allow it to add and expand the country’s transformer stations.
The contract is between EETC and the National Bank of Egypt, the Commercial International Bank, Banque du Caire and the National Bank of Kuwait, according to the country’s ministry of electricity.
The loan will also allow EETC to construct more cables and lines for high-voltage power transmission in Egypt.
Egypt’s electricity sector is working to improve and develop the country’s transmission and distribution networks, including high-voltage transformer stations and control centres.
In order to accommodate new renewable energy generation capacities into the grid, the country has started implementing smart grid solutions. This initiative is expected to boost grid resilience through reduction in electric power losses.
Egypt’s electricity and energy minister Mohamed Shaker said that these solutions will also support efforts towards developing strong grid interconnectivity with neighbouring countries.
Egypt has nearly doubled the distribution networks of transformers with a voltage of 500 kV from their capacity in 2014 due to recent initiatives. Shaker noted that in the past seven years, the number of 500 kV transformers had quadrupled. Over the years, Egypt has been active in developing electric grid interconnectivity with several neighbouring countries such as Jordan and Libya.
Work on the first phase of the grid interconnectivity project with Sudan has been completed, according to Shaker.
The grid interconnectivity project between Egypt and Saudi Arabia is ongoing and it is expected to significantly support the economic needs of both countries.
Egypt has been exploring power trade opportunities with neighbouring African countries where hydropower holds great promise for power generation.
As renewables gain momentum, the same grid connectivity opportunities are being explored with Cyprus and Greece as Egypt seeks to become a key power trading player in the region.