Syria builds new power plant

Thursday, 13 January 2011 05:00

Syria has awarded Ansaldo Energia, a unit of Italy's Finmecannica, and Greece's Metka, part of Mytilineos Holdings, to build a $973mn power generating plant in the country.

The 750 MW gas-powered electricity generating plant will be constructed in the northeastern province of Deir-Ezzor. The plant is set to go on-line next year.

Around 80 per cent of the project is to be financed by loans from the European Investment Bank, the Islamic Development and Arab development funds, with the final balance to be covered by the Syrian government.

This is the fourth contract to be signed this year in the power-generating field, after three deals were signed earlier this year to expand existing facilities. This is all part of the governments plan to open up the power sector to more private sector investment.