CAIRO May 21 Egypt's private equity firm
Citadel Capital has tendered a proposal to the
government to build a station to generate electricity to help
ease Egypt's energy crisis, the state's MENA news agency said.
Citadel's chairman Ahmed Heikal told MENA the project will
cost $1.3 billion and would target one gigawatt of electricity.
Egypt has been hit by a political and economic turmoil since
2011 following an uprising that ended Hosni Mubarak's 30-year
rule. The country has since suffered from a gas shortage that
has caused frequent power cuts, which are expected to become
more acute during the coming three months.
Earlier this year Citadel completed a 3.7 billion-pound
program of buying additional stakes in firms it has investments
in, which gave it majority stakes in its five focus areas of
energy, transportation, agrifoods, mining and cement.
Citadel has been hit in recent years by the economic turmoil
in the region. Last month it finalized an equity capital
increase to give it a total of 8 billion Egyptian pounds ($1.12
($1 = 7.1249 Egyptian Pounds)
(Reporting by Ali Abdelaty, Writing by Yasmine Saleh; Editing
by Elaine Hardcastle)