wiredinUSA August 2019

Cable firm in debt restructure

Egypt looks to green energy

Photo by Adeolu Eletu on Unsplash

Sources at the Egyptian Ministry of Electricity and Renewable Energy have confirmed ongoing discussions with several independent power producers (IPPs) to build wind farms capable of producing up to 2,150MW. The government has set itself the goal of consuming 20 percent of electricity produced from clean sources by 2022. The country has also given itself the means to achieve its ambitions by creating conditions for private investment in the renewable energy sub-sector. Several independent power producers (IPPs) are interested to be involved. According to sources at theministry, several IPPs are proposing to produce 2,150MW of wind energy in Egypt. American company General Electric is prepared to join forces with the Danish Vestas Wind Systems for a 4,000MW wind power project. Among the IPPs that have evolved in their negotiations with the Egyptian authorities is the German company Siemens Gamesa, which wants to produce 2,000MW. In response to such proposals a high-level committee was formed by the Egyptian Electricity Transmission Company (EETC), New and Renewable Energy Authority (NREA) and Egyptian Electricity Holding Company (EEHC) to review projects.

Kenya’s East African Cables and its parent firm, TransCentury Ltd, have completed a debt restructuring deal to reduce the group’s debt by almost half. TransCentury, founded by a group of Kenyan investors in 1997, invested in a range of infrastructure companies including East African Cables but has since struggled with a heavy debt burden, losses and a fall in share prices. The companies said the deal includes a two-year moratorium on principal repayments and a six-monthmoratoriumon interest payments, cutting the combined group’s debt service cash requirements by over 80 percent for the next two years.

wiredInUSA - August 2019

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