Spain’s Iberdrola Ingeniería y Construcción signed a contract with Egypt’s national renewable energy authority for the construction of a 150 MW thermal solar plant in Egypt at a cost of $211.38 million.
This is Iberdrola’s first large contract in Egypt, and its second sizable contract in a week, after the awarding of a contract for the turnkey construction of a 403 MW combined cycle power plant in Russia for $438.26 million. The new thermal solar plant will be constructed in Kuraymat, Egypt, about 59 miles (95 km) south of Cairo, and will have the capacity to provide electric power to some 200,000 households. Iberdrola will be responsible for the design, unit procurement, construction and assembly within a 30-month term of execution. The new integrated solar combined cycle plant will add a thermal solar plant to the high-energy efficiency of the gas combined cycle power plant.
The configuration of the Kuraymat Plant will allow nighttime operation as a conventional combined cycle plant, producing some 110 MW using natural gas. However, during the day, it will also transform the energy captured by a thermal solar field into electric power reaching a total of 150 MW at the peak hours. The energy performance of the plant will increase 67%, which is, according to Iberdrola, about 10% above the most modern combined cycle plants currently in operation.
The project will be financed through other financial institutions by the Japan Banking International Cooperation through a soft credit of $150 million. Furthermore, the Global Environment Fund, which belongs to the World Bank Group, has conceded a non-repayable loan of $50 million, due to "the importance of this project for the implantation of new clean electric power generation technologies," Iberdrola said. (energycurrent)