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Saudi Electricity borrows $568mn
to fund electricity interconnection
project with Egypt
EGYPT STATE-OWNED Saudi Electricity Company resilience and decarbonisation objectives as a
(SEC) has secured a financing facility worth large part of the exchanged power in the future
$568mn to fund the Saudi-Egypt electricity will be from renewable sources.
interconnection project, the company said in Some 1.5 GW of the project is due to start
a statement posted on the stock exchange. The operations in late 2024, while the remaining 1.5
facility has a term of 14 years. GW will come out in mid-2025.
In October 2012, both Egypt and Saudi Ara- SEC is 74.3%-owned by the government.
bia signed a $1.8bn to establish an electrical Saudi Aramco owns 6.9%. The company pro-
interconnection to exchange 3.0 GW of power to duces electricity through 45 power plants and
help set up an infrastructure for electricity trade owns transmission and distribution networks
between Arab countries. throughout Saudi Arabia.
The interconnection project will support grid
Nigeria’s BEDC Electricity Plc posts
loss following business dispute
NIGERIA THE restructuring and takeover of BEDC disagreement. She claims that she returned to
Electricity Plc has led to a monthly loss of the office following the court order, but Ajag-
NGN750mn ($1.78mn), the company’s Manag- bawa brought police from Abuja to obstruct the
ing Director Funke Osibudu has revealed. company’s operation.
BEDC Electricity Plc is one of the successor “We resumed last week because we have a
distribution companies (DisCos) created follow- court injunction against them and during the
ing the unbundling and privatization of the state- period of the alleged forceful take over of BEDC,
owned Power Utility, Power Holding Company we lost NGN750mn [$1.8mn] in collection in
of Nigeria Plc. one month,” Osibudu said in a press conference.
It is responsible for the retail distribution “The collection went down to zero and if you
of electricity in Nigeria’s Delta, Edo, Ekiti, and don’t have money, you can’t purchase power for
Ondo States with geographical coverage of distribution.
55,770 square kilometres. “The police, who claimed they came from
The BEDC was taken over in July, and Henry Abuja, said I have committed fraud, threat to life
Ajagbawa was due to become the new manag- of Ajagawa, unlawful restrain and trespass. They
ing director. Osibudu claims, however, that the took me to the police headquarters in Benin for
takeover was conducted illegally and obtained a questioning,” she continued.
court injunction halting the acquisition. According to Osibudu, the police explained
On August 16, Osibudu revealed that that they couldn’t do anything about the restrain-
she was arrested by the police following the ing court injunction.
Week 33 18•August•2022 www. NEWSBASE .com P7
