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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