Suez Gulf 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 Port Said 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 US$100 million institutional tranche from John Hancock. Commercial operation is expected in early 2003. The project will be located on the western coast of the Gulf of Suez, which is part of the Red Sea, approximately 52 kms south of Suez City. Total project cost, including contingency, is estimated at about US$338 million. The price for power will be 2.4 cents per Kilowatt hour (Kwh). In 2006 EDF sold its Port Said (id 2701) and Suez IPPs to Malaysian company Tanjong Electricity, owned by Tanjong Plc. On March 2nd 2012, 1Malaysia Development Berhad (1MDB) acquired Tanjong Energy Holdings Sdn Bhd (TEHSB) for RM8.5 billion (US$2,820 million). Tanjong Energy owns equity in 13 IPPs internationally. Tanjong Energy fully acquired Poertek Berhad in April 2003. http://www1.ifc.org/ar2001/downloads/projectCommitments.pdf