USD 103M Project Will Exchange Renewable Energy Between Saudi & Egypt
Funded by the JBIC, the project is part of Saudi Arabia and Egypt’s visions to move towards renewable energy sources.
The Japan Bank for International Cooperation (JBIC) will fund a new electricity interconnection project between Saudi Arabia and Egypt. The project is worth USD 103 million in investments, and includes a 3,000 MW high-voltage direct current (HVDC) system, 1,350 km of overhead power lines and 22 km of submarine cables connecting the kingdom to Egypt.
JBIC signed the green-finance loan agreement with the Saudi Electricity Company (SEC), which is part of both Saudi Arabia's and Egypt’s visions to move towards renewable energy sources. The project is set to allow both countries to exchange energy surpluses and promote renewable energy sources across the region.