CAIRO (Bloomberg) -- Egypt is considering offers from a Blackstone Group unit and Edra Power Holdings Sdn Bhd to take over three power plants co-built by Siemens AG -- a move that could cut the North African nation’s debts while bringing in much-needed foreign investment. Both Blackstone’s Zarou Ltd and Edra have voiced interest in the state-owned facilities, according to Egypt’s electricity minister, Mohamed Shaker. "We received an expression of interest from the two companies to take over and operate the power plants and we’re looking into it,” Shaker said in a phone interview. Easing DebtsA deal with Edra or Zarou would also set the stage for the company to assume responsibility for any financial dues. Egypt’s electricity reserves now stand at 25.7% of installed capacity, Shaker said.

Source: The Star May 28, 2019 12:33 UTC