Report: HSBC to Fund Zouk and Jiyeh Power Plants Rehabilitation
HSBC Bank won a tender to carry out maintenance work at Zouk and Jiyeh power plants instead of providing the funds from the state's treasury, al-Akhbar newspaper reported on Tuesday.
According to the newspaper, the tender that was issued by the Energy Ministry is aimed at rehabilitating the two power plants that will be able to produce additional 272 megawatts at the cost of around $350 million.
Two companies Danish BWSC company, a global turnkey developer, contractor and operator of tailored medium to large-scale power plants, and the German MAN Group -Maschinenfabrik Augsburg-Nürnberg-, will work on rehabilitating the plants within 18 months maximum.
Lebanon has long suffered from electricity outages because of shortages at its power plants whose maximum capacity is less than 1,500 megawatts but the country’s actual need exceeds 2,300 megawatts.
Last week, Lebanon met the required costs to Turkish power company Karadeniz after a long delay, which will send two power-generating vessels to help provide 700 megawatts of electricity for a period of three years.
The first vessel is expected to arrive in April, and the second would arrive in June.
The three-year contract should help make up for the power shortage that will be caused by the rehabilitation of the Zouk and Jiyeh power plants.
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