European joint venture was awarded the contract to build the plant in October
Syria’s parliament has approved a $106m loan from the Arab Fund for Economic & Social Development for the construction of a power plant in the country, the Syrian Arab News Agency (SANA) reported.
The financing will also be aided by the European Investment Bank, the Islamic Development Bank and the Saudi Fund for Development.
In October, Syria’s Public Establishment of Electricity for Generation and Transmission (PEEGT) awarded a $950m contract to build the 724MW natural gas-fired power plant to a Greek/Italian joint venture (MEED 25:10:10).
Greece’s Metka and Italy’s Ansaldo Energia will build the thermal power plant on an engineering, procurement and construction (EPC) basis at Deir Azzour region in northeast Syria.
The contract will be paid in two currencies, €671m ($941m) in euros and €7m in Syrian pounds.
Metka holds a 76.5 per cent stake in the joint venture, while partner Ansaldo Energia holds 23.5 per cent.
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