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Monday, 25 June 2018

Hassan Allam consortium wins contract for USD 4.4 bn Hamrawein ‘clean coal’ power plant on the Red Sea

Hassan Allam consortium wins contract for USD 4.4 bn Hamrawein ‘clean coal’ power plant on the Red Sea: A Chinese consortium of Hassan Allam Construction, China’s Shanghai Electric and Dong Fang has won a USD 4.4 bn contract from the Egyptian Electricity Holding Company (EEHC) to build a 6 GW clean coal power plant on the Red Sea. The facility will be the largest coal-fired plant in the Middle East and Africa when it comes online six years from the start of construction, we’re told. Egypt’s first coal power plant will include six generation units of 1,000 MW each. Hassan Allam Holding subsidiary PGESCO will be carrying out a large portion of the engineering work on the project, sources close to the winning bid tell us. The consortium edged out rival bids from General Electric and a Mitsubishi-Hitachi-Orascom-Sewedy consortium for the contract. The Hamrawein plant will be built on an engineering, procurement, construction plus finance (EPC+F) basis, MEED reports.

Parent company is planning IPO: Hassan Allam Construction is a division of Hassan Allam Holding, which we reported in May has plans for an initial public offering this fall. EFG Hermes and Renaissance Capital are said to be leading the IPO as joint global coordinators, while Arqaam Capital has been tapped as bookrunner.

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