Port Said power plant

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The project consists of the development, construction and operation of a 682.5MW steam generation plant which will be fueled with natural gas with residual fuel oil (mazout) as backup fuel. The energy produced will be sold to the Egyptian Electricity Holding Company (EEHC), the national utility) on the basis of a 20-year Power Purchase Agreement. The financing for this project and for Suez Golf power plant were arranged jointly in April 2001. The financing was split between the US$305 IFC syndicated loan, a US$200 EdF backed equity bridge, a US$90 million IFC A loan, and a US$100 million institutional tranche from John Hancock. Commercial operation is expected in mid 2003. The project will be located on the coast of the Mediterranean Sea, approximately 45 kms south-east of Port Said City. Total project cost, including contingency, is estimated at about US$340 million. The price for power will be 2.4 cents per Kilowatt hour (Kwh). In 2006 EDF sold the Port Said and Suez (id 2699) IPPs to Malaysian group Tanjong Energy, a subsidiary of Tanjong Plc.