Orascom-Técnicas JV lands $2.6bn Saudi power plant deal
RIYADH, 1 days ago
Orascom Construction has announced that its joint venture with leading Spanish contractor Técnicas Reunidas has been awarded an engineering, procurement and construction (EPC) services contract worth $2.6 billion for the Qurayyah IPP Expansion Project in Saudi Arabia.
A global engineering and construction group, Orascom is primarily focused on infrastructure, industrial and high-end commercial projects in the Middle East, Africa, and the US.
Orascom Construction said the contract for Qurayyah IPP was awarded by Hajr Two Electricity Company, a consortium comprising key Saudi entities major Acwa Power, Saudi Electricity Company and Haji Abdullah Alireza. Its JV with Técnicas Reunidas has already received the Limited Notice to Proceed.
A large-scale 3GW combined cycle gas-fired power plant, Qurayyah IPP will come up in the kingdom's Eastern Province. The project will also be equipped with readiness for carbon capture and include a 380 kV electrical substation.
On the big win, Orascom Construction CEO Osama Bishai said: "We continue to deliver on our geographic diversification strategy with a particular focus on key sectors such as power and water. This project exemplifies the type of opportunities that we actively pursue where we can leverage our expertise to deliver high-quality projects and maximum value."
Orascom Construction, he stated, has a track record of projects completed and under construction in the Middle East and Africa with a total capacity exceeding 30 GW, including two 4.8 GW combined cycle gas-fired power plants constructed in Egypt.
"It also builds on our success in the power sector most recently in Egypt, and we look forward to making a similar significant impact in Saudi Arabia. We are also pleased to partner with Técnicas Reunidas on this large-scale project and to extend our partnership in Saudi Arabia and the region," he noted.
This project extends the group’s strong capabilities as a leading player in the power sector across the region, he added.-TradeArabia News Service
