Left to right: Andrew Gatti, Assistant General Counsel, U.S. Trade and Development Agency; Sarah Fandell, General Counsel, U.S. Trade and Development Agency; Lulu Liu, Assistant General Counsel, U.S. Trade and Development Agency; Thomas Hardy, Director, U.S. Trade and Development Agency; Ahmed Bahgat, Chairman, Benchmark Power International; Jeffrey Phillips, Middle East, North Africa, Europe, Asia, U.S. Trade and Development Agency; Pamela Venzke, Managing Director, Global Government Affairs & Policy, GE Power; Carl B. Kress, Regional Director, Middle East, North Africa, Europe, Asia, U.S. Trade and Development Agency
Arlington, VA – Today, the U.S. Trade and Development Agency awarded a grant to Benchmark Power International SAE (BPI), an Egyptian independent power developer, supporting the development of a combined cycle gas turbine power plant at Tawerat, Egypt. USTDA’s grant funds a feasibility study evaluating the viability of a 2,300 megawatt plant with two 1,150 MW blocks utilizing highly efficient General Electric H-frame gas turbines.
This project supports the government of Egypt’s goals to increase private sector investment in the power and electricity sector and increase the role of independent power producers to meet rising domestic energy demand. With Egypt’s electricity consumption rising 5.6% annually over the past ten years, this project will help the country to meet growing electricity demand while utilizing Egypt’s abundant natural gas resources. This more than $1.25 billion project also represents a significant opportunity for U.S. providers of goods, services and technologies to participate in its implementation.
“USTDA is pleased to support Egypt’s energy infrastructure development goals,” said Director, Congressional and Public Affairs, Thomas R. Hardy. “At the same time this project will create market access for U.S. companies looking to work in Egypt.”
“This USTDA grant is instrumental in advancing the development of our pioneering independent power plant (IPP) project in Egypt, and in putting the project on its implementation track,” said Chairman & CEO of Benchmark Power International, Ahmed Bahgat. “The grant brings the project from concept to bankability and toward financial close, and it also enables the project to meet rigorous commercial, environmental, social and governance criteria of International Financing Institutions.”
“Power is foundational in changing people’s lives and the development of this project will act as a catalyst for attracting foreign investment, creating employment opportunities and raising living standards in Upper Egypt,” said Ghassan Barghout, President and CEO of GE’s Gas Power Systems Sales business in the Middle East and North Africa. “GE is proud to bring its industry-leading HA gas turbines to Egypt for this power plant; the technology has already helped to set two world records in efficiency and offers the lowest gas turbine levelized cost of electricity, allowing Egypt to decrease its gas consumption and environmental footprint for any level of electricity generated.”
Benchmark Power International (BPI), the Grantee is a leading project development and investment platform company, with particular focus on large-scale utility projects. The company’s diversified portfolio includes thermal and renewable electric power generation, sea water desalination, and ammonia / urea production projects in Egypt and in North and Sub-Saharan Africa.
The grant was signed by Mr. Hardy and BPI Chairman Bahgat during a ceremony at USTDA’s headquarters in Arlington, Virginia.
U.S. businesses interested in submitting proposals for this USTDA-funded technical assistance should visit the Federal Business Opportunities (FBO) website at www.fbo.gov. A link to the FBO announcement will be posted to USTDA’s website at www.ustda.gov/work/bid-on-an-overseas-project.