USTDA Advances Energy Infrastructure in Egypt, While Connecting U.S. Companies to New Opportunities
September 24, 2018
(USTDA)
Arlington, VA – Today, the U.S. Trade and Development Agency awarded a grant
to Benchmark Power International SAE (BPI), an Egyptian independent power
developer, supporting the development of a combined cycle gas turbine power
plant at Tawerat, Egypt. USTDA’s grant funds a feasibility study evaluating
the viability of a 2,300 megawatt plant with two 1,150 MW blocks utilizing
highly efficient General Electric H-frame gas turbines.
This project supports the government of Egypt’s goals to increase private
sector investment in the power and electricity sector and increase the role of
independent power producers to meet rising domestic energy demand. With
Egypt’s electricity consumption rising 5.6% annually over the past ten years,
this project will help the country to meet growing electricity demand while
utilizing Egypt’s abundant natural gas resources. This more than $1.25 billion
project also represents a significant opportunity for U.S. providers of goods,
services and technologies to participate in its implementation.
“USTDA is pleased to support Egypt’s energy infrastructure development
goals,” said Director, Congressional and Public Affairs, Thomas R. Hardy.
“At the same time this project will create market access for U.S. companies
looking to work in Egypt.”
“This USTDA grant is instrumental in advancing the development of our
pioneering independent power plant (IPP) project in Egypt, and in putting the
project on its implementation track,” said Chairman & CEO of Benchmark
Power International, Ahmed Bahgat. “The grant brings the project from concept
to bankability and toward financial close, and it also enables the project to
meet rigorous commercial, environmental, social and governance criteria of
International Financing Institutions.”
“Power is foundational in changing people’s lives and the development of
this project will act as a catalyst for attracting foreign investment, creating
employment opportunities and raising living standards in Upper Egypt,” said
Ghassan Barghout, President and CEO of GE’s Gas Power Systems Sales business
in the Middle East and North Africa. “GE is proud to bring its
industry-leading HA gas turbines to Egypt for this power plant; the technology
has already helped to set two world records in efficiency and offers the lowest
gas turbine levelized cost of electricity, allowing Egypt to decrease its gas
consumption and environmental footprint for any level of electricity
generated.”
Benchmark Power International (BPI), the Grantee is a leading project
development and investment platform company, with particular focus on
large-scale utility projects. The company’s diversified portfolio includes
thermal and renewable electric power generation, sea water desalination, and
ammonia / urea production projects in Egypt and in North and Sub-Saharan
Africa.
The grant was signed by Mr. Hardy and BPI Chairman Bahgat during a ceremony at
USTDA’s headquarters in Arlington, Virginia.
U.S. businesses interested in submitting proposals for this USTDA-funded
technical assistance should visit the Federal Business Opportunities (FBO)
website at www.fbo.gov. A link
to the FBO announcement will be posted to USTDA’s website at https://www.ustda.gov/business-opportunities.
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