Egypt’s Orascom Construction in $420m power deal
Cairo and Dubai-listed firm to revamp Assiut and West Damietta plants
Orascom Construction says it has signed contracts worth $420m to revamp two power plants in Egypt.
The company says it is to convert the Assiut and West Damietta plants from a ‘simple’ to ‘combined cycle’.
A combined-cycle plant typically uses waste heat from the gas turbine, which is routed to a steam turbine to generate extra power.
The work will be completed on an engineering, procurement and construction (EPC) and finance basis, “whereby OC helps arrange a competitive financing package on behalf of the client”, the Egyptian firm said.
The Cairo and Dubai-listed OC worked on the original construction of the two power plants, which completed in the third quarter of 2015.
“Both power plants are currently operational and have a combined capacity of 1,500 MW. Converting them into combined cycle is expected to increase capacity by approximately 50% with no additional fuel intake,” said OC in a statement.
“This project further solidifies OC’s position as a leading power player in the region. The Group is currently building in Egypt the two largest power plants in the world with a capacity of 4,800 MW each, and in 2015 connected 2,000 MW to Egypt’s national grid at Assiut, West Damietta and 6th of October.”
