Orascom Construction Limited (OC) has announced the formal inauguration of the first phase of New Capital and Burullus Power Plants, which, according to management, will be the largest gas-fired combined cycle power plants in the world once completed. Orascom and its consortium partner, Siemens, have already connected a total of 2,400 MW to Egypt’s national grid at both power plants, c20% above delivery targets. Once complete, each power plant will generate a total of 4,800 MW.  Orascom had completed, in 3Q15, the 1,500 MW simple cycle phase of Assiut and West Damietta Power Plants as part of Egypt’s emergency power program, and is currently converting both power plants from simple to combined cycle, increasing capacity by c50%. 

Orascom Construction Limited: EGP90.30 as of 2 Mar. 2017, Rating: Neutral, TP: EGP93.63/share, MCap: USD656mn, ORAS EY/ORAS.CA