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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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Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.