Assiut and West Damietta gas power plants upgrade (750MW)

Overview:

• The Egyptian Electricity Holding Company secured a $650 million loan for the conversion of the Assiut and West Damietta power plants from simple to combined cycle gas turbines.
• BNP Paribas acted as coordinating initial mandated lead arranger, with Crédit Agricole, Crédit Industriel et Commercial and ING Bank serving as the other mandated lead arrangers. Italian export credit agency SACE is extending insurance cover for 100% of the loan.
• The conversion will increase the capacity of the plants from 1,500MW to 2,250MW, using the same amount of fuel and reducing the carbon and NOx emissions by 32%.

Jon Moore - Journalist