The Egyptian Electricity Authority signed a series of agreements enabling the country’s first private sector power project, Sidi Krir, to proceed. The project is being developed by a consortium comprising the US company InterGen, the First Arabian Development and Investment Co SAE, and Kato Investment SAE.
The agreements included a power purchase agreement and a land lease agreement, both with the Egyptian Electricity Authority; an agreement with the Central Bank of Egypt guaranteeing payments from the Electricity Authority under the PPA; and a fuel supply agreement between the consortium and Gasco, a subsidiary of the Egyptian Gas and Petroleum Co.
Sidi Krir will comprise two 325 MWe blocks. The natural gas-fired plant, being built under a build-own-operate-transfer arrangement, is expected to cost $450 million.