Egypt Financing CCGT Upgrades

Egypt’s Orascom Construction has reached financial close on two projects to convert open cycle gas-fired power plants into combined cycle gas turbine (CCGT) units. Orascom completed the 1GW Assiut and 500MW Damietta West open cycle plants for state generator EEHC in third quarter 2015.

Conversion of the two plants to CCGT configuration will involve the installation of three heat recovery steam generators (HRSGs) and is expected to cost $420mn. This will raise the plants’ capacity by 50% to 1.5GW and 750MW respectively, without requiring the burning of additional fuel.

Orascom says it is working with US firm General Electric (GE) to convert the plants on an engineering, procurement and construction (EPC) plus finance basis on behalf of EEHC. Orascom says the projects are fully financed, with foreign currency portions committed by international banks. (CONTINUED - 323 WORDS)