Egypt expects to finalise contracts for nuclear power plant by end-2017

CAIRO, Oct 31 (Reuters) – Egypt expects to finalise contracts before the end of 2017 for its first nuclear power plant with 4,800 megawatt (MW) capacity, Electricity Minister Mohamed Shaker said on Tuesday.

Egypt signed an agreement in November 2015 for Russia to finance building and operating the plant.

Egypt’s official gazette said last year the loan was worth $25 billion and would finance 85 percent of the value of each work contract, services and equipment shipping. Egypt would fund the remaining 15 percent.

Egypt, with a population of nearly 95 million and vast energy needs, wants to diversify its energy sources.

As well as building a nuclear plant, Egypt said last year it was expand its solar and wind power capacity over three years to add 4,300 MW of capacity.

Source: Nasdaq.com