GE scoops $300m Egyptian power deal

GE has signed contracts totaling US$300 million to supply six gas turbines and associated services to the Egyptian Electricity Holding Company for two new combined-cycle power plants near Cairo to support Egypt’s rapidly growing energy needs.

GE and its consortium partner, SEPCO III, have been selected for the expansions of Giza North and Banha power plants. The projects will add 2,250 megawatts of capacity to the country’s power grid, or 10 percent of capacity to the country’s grid, supporting residents and businesses in Cairo. These $300 million contracts constitute the largest power generation order between GE and Egypt.

According to Egypt’s Ministry of Electricity and Energy, the country experienced 13 percent growth in electricity demand from 2009 to 2010, and the growth is expected to continue at a rate of approximately 11 percent over the next five years. The Giza North and Banha plants are scheduled to enter service by the middle of 2013 in time to help the country meet its peak power demands during the summer.