Orascom-Técnicas JV lands $2.6bn Saudi power plant deal
Orascom Construction has announced that its joint venture with leading Spanish contractor Técnicas Reunidas has been awarded an engineering, procurement and construction (EPC) services contract worth $2.6 billion for the Qurayyah IPP Expansion Project in Saudi Arabia.
A global engineering and construction group, Orascom is primarily focused on infrastructure, industrial and high-end commercial projects in the Middle East, Africa, and the US.
Orascom Construction said the contract for Qurayyah IPP was awarded by Hajr Two Electricity Company, a consortium comprising key Saudi entities major Acwa Power, Saudi Electricity Company and Haji Abdullah Alireza. Its JV with Técnicas Reunidas has already received the Limited Notice to Proceed.
A large-scale 3GW combined cycle gas-fired power plant, Qurayyah IPP will come up in the kingdom's Eastern Province. The project will also be equipped with readiness for carbon capture and include a 380 kV electrical substation.
On the big win, Orascom Construction CEO Osama Bishai said: "We continue to deliver on our geographic diversification strategy with a particular focus on key sectors such as power and water. This project exemplifies the type of opportunities that we actively pursue where we can leverage our expertise to deliver high-quality projects and maximum value."
Orascom Construction, he stated, has a track record of projects completed and under construction in the Middle East and Africa with a total capacity exceeding 30 GW, including two 4.8 GW combined cycle gas-fired power plants constructed in Egypt.
"It also builds on our success in the power sector most recently in Egypt, and we look forward to making a similar significant impact in Saudi Arabia. We are also pleased to partner with Técnicas Reunidas on this large-scale project and to extend our partnership in Saudi Arabia and the region," he noted.
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