MoEE – New Capital Combined Cycle Power Plant 4800 MW – Cairo - Project Profile
"MoEE – New Capital Combined Cycle Power Plant 4800 MW – Cairo - Project Profile" contains information on the scope of the project including project overview and location. The profile also details project ownership and funding, gives a full project description, as well as information on contracts, tendering and key project contacts.
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Ministry of Electricity & Energy, Egypt (MoEE) in collaboration with its Egyptian Electricity Holding Company is undertaking the construction of a combined cycle power plant in Cairo, Egypt.
The project involves the construction of a 4,800MW combined cycle power plant. It includes the construction of cooling towers, storage tanks, power houses and chimneys, as well as the installation of eight latest-generation Siemens gas turbines (H-Class) and generators, the laying of transmission lines and the construction of related facilities.
The orders expand on the memorandums of understanding announced at the Egypt Economic Development Conference (EEDC) held in Sharm El Sheik in March 2015.
In June 2015, Deutsche Bank, HSBC and KfW IPEX-Bank were appointed as Coordinating Initial Mandated Lead Arrangers (CIMLAs) for the financing.
On June 3, 2015, MoEE awarded a construction contract to Orascom Construction (ORAS), Elsewedy Electric and Siemens. Under the terms, Siemens will supply eight Siemens H-Class gas turbines.
ORAS will earn US$1,790 million in the combined contracts and arranged a 15-year financing package for its portion of the contracts through Egyptian Electricity Holding Company, a government owned integrated energy company under the MoEE.
The banks have been mandated for the project by the Egyptian Electricity Holding Company (EEHC). The CIMLAs are also acting as co-bookrunners for the syndication of the Hermes-covered finance with Deutsche Bank acting as coordinating bookrunner. HSBC is acting as environmental coordinator.
Deutsche Bank, HSBC and KfW IPEX-Bank have jointly structured and arranged the Hermes-underwritten financing. A consortium of 17 international banks is raising the debt capital for the project. The international banks consortium comprises Commerzbank, Crédit Agricole, ING, JP Morgan, LBBW, Santander, Société Générale, UniCredit acting as mandated lead arrangers and AKA Ausfuhrkredit, BayernLB, BNP Paribas, DZ Bank, Helaba, IKB Deutsche Industriebank are the other participating banks. Intesa SanPaolo participated with UniCredit in the HSBC-led facility.
The project secured US$1,330.6 million funding from the consortium of 17 international banks.
In March 2016, the project secured financial closure. The loans are guaranteed by the Egyptian Finance Ministry.
Construction works are underway and scheduled to be completed in the second quarter of 2018.
The project involves the construction of a 4,800MW combined cycle power plant in Egypt.
The US$2,500 million project includes the following:
1. Construction of cooling towers
2. Construction of chimneys
3. Construction of storage tanks
4. Construction of power houses
5. Laying of transmission lines
6. Installation of eight Siemens H-Class gas turbines
7. Installation of generators
8. Construction of other related facilitiesReasons To Buy
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