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CGGC signs a 3b yuan deal with Ethiopia
Updated: 2009-09-25
On Sep 23, 2009, CGGC signed a $451 million contract on hydropower station construction with Ethiopia Electric Power Corporation in Addis Ababa. This represents another significant breakthrough CGGC has achieved in the overseas market, and marks that the company has taken another step ahead in developing the international market.
The Genale (GD-3) Multipurpose Project of Ethiopia is a hydropower station project with an installed capacity of 254,000 kilowatts and a contractual value of roughly 3.067 billion yuan ($505.23 million).
The project will adopt the EPC mode and involve a construction period of 48.5 months according to the contract. At present, relevant Ethiopian authority has formally submitted the loan application to competent Chinese banks.
At the signing ceremony, the Ethiopian government, the client and the local government officials highly commended the strength of CGGC, and said CGGC was a friendly and influential international brand with good reputation.
Genale (GD-3) Multipurpose Hydropower Station Project, as the CGGC has won the tender, will be the second project that the company will perform as an EPC contractor in Ethiopia.
