ArabFinance: Elsewedy Electric’s (SWDY) subsidiary Egytech Cables and the Egyptian Chinese Company have won the installment of 220-kilovolt electric cables at the East Cairo-Cairo international Stadium substation, official sources at the Ministry of Electricity told Al Mal Newspaper.
Accordingly, Elsewedy Electric will implement the first line of the East Cairo-Cairo Stadium transformer substation starting from the East Cairo transformer station to the stadium transformer, the sources noted.
Meanwhile, the Egyptian Chinese Company will handle the second line extending over 3.75 kilometers starting from the stadium station towards the transformer of East Cairo, they said.
It is worth noting that three local and foreign companies submitted their financial and technical offers to compete for this bid previously launched by the Egyptian Electricity Transmission Co (EETC) for supplying and installing the 220-kilovolt cables at the East Cairo-Cairo Stadium station.
These companies are Elsewedy Electric, China’s Hengtong, and the Egyptian Chinese Company.
This project will be carried out on a turnkey basis, the sources highlighted, adding that EETC and the bid’s winners are in talks over the final items of the project, which paves the way for signing the contract this month.
Elsewedy Electric recently expanded in the Asian market through two acquisition deals worth a combined $60 million in the transformers sector in Indonesia and Pakistan.
It is worth noting that Elsewedy Electric reported a consolidated net profit before minority interest of EGP 1.58 billion in the first half (H1) of 2021, compared to profits of EGP 914.24 million in H1 2020.
Elsewedy Electric is a leading integrated energy solutions provider in Africa and the Middle East. It has a portfolio incorporating all traditional and renewable energy areas along with related services.