Name and Location
Coal-fired power plant project, Egypt.

Client
Orascom Construction and its joint venture (JV) partner International Petroleum Investment Company.

Project Description
The project involves the development of a 3 000 MW coal-fired power plant.

The JV partners will execute the project on a fast-track basis.

Value
The investment cost of the first of two phases of the project is expected to amount to an estimated $3-billion.

Duration
Not stated.

Latest Developments
The JV partners have signed a development agreement in addition to the existing memorandum of understanding previously signed with the Egyptian government in November 2014.

The JV has received letters of interest from banks to underwrite the debt portion for up to $1.95-billion.

National Bank of Abu Dhabi will act as the project’s cofinancial adviser and will support the project as part of the banking consortium.
Under the development agreement, the JV has been guaranteed site access to conduct all necessary development studies, while land allocation formalities are being finalised.

Further, the consortium is committed to carrying out port development work pertaining to the import and handling of coal shipments.

Government has pledged its full support for the JV in assisting it to meet the necessary regulatory requirements.

The agreement also covers various operational aspects such as the power purchase agreement and connection to the national grid.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Orascom Construction, tel +971 440 19241 or email contactus@orascom.com.