Orascom Construction Limited (NASDAQ Dubai: OC; EGX: ORAS) announces the formal inauguration of the first phase of New Capital and Burullus Power Plants, which will be the largest gas-fired combined cycle power plants in the world once complete. The ceremony was attended by German Chancellor Angela Merkel and Egyptian President Abdel Fattah El Sisi, and celebrated a new worldwide benchmark for the fast-track execution of power projects.
Orascom and its consortium partner, Siemens, already connected a total of 2,400 MW to Egypt’s national grid at both power plants, exceeding delivery targets by 20%. Once complete, each power plant will generate a total of 4,800 MW.
These two projects build on Orascom’s integral role in the recent development of Egypt’s power sector. Orascom completed in Q3 2015 the 1,500 MW simple cycle phase of Assiut and West Damietta Power Plants in less than 8 months as part of Egypt’s emergency power program, and is currently converting both power plants from simple to combined cycle, increasing capacity by 50%.
Orascom’s involvement and achievements in Egypt’s power projects has established the Group as a major player in the power EPC market. The total capacity currently under construction exceeds 10,000 MW.