Orascom Construction Industries (Photo: Al-Ahram Arabic Website)
Orascom Construction will build two combined cycle power plants with a combined capacity of 9,600 megawatts in a consortium with German industrial giant Siemens, the construction firm announced on Wednesday after Siemens signed a $9 billion power generation deal with Egypt.
The Siemens deal, which is set to supply gas and wind power plants to boost Egypt’s power generation by 50 percent, includes three new gas powered stations which will be the largest in the world, the German firm said earlier on Wednesday.
One of the stations will be located on the Mediterranean coast, north of Borolos Lake in Kafr El Sheikh Governorate, and the other in the new administrative capital planned by President Abdel Fattah El Sisi’s government, OC said.
Each of the power plants, the largest in the world, will have a capacity of 4,600 MW and is worth 2 billion euros, with OC’s combined share of the contracts totalling 1.6 billion euros, said the statement.
OC, an offshoot of Netherlands-based OCI N.V., which is dually listed on NASDAQ Dubai and the Egyptian Stock Exchange, will be paid over 15-years for its portion of the contracts by the state-owned Egyptian Electricity Holding Company.