Arab Finance: Korra Energi, through its alliance with High Dam Electrical & Industrial Projects Co (HIDELECO), has won project contracts to implement the first and third phases of a 500-kV transmission line linking the Gulf of Suez wind farms to Egypt's national grid, according to a press release.
Awarded by the Egyptian Electricity Transmission Company (EETC), the project aligns with the government's strategy to develop the national grid's infrastructure and boost its capacity to accommodate renewable energy projects.
The scope of work includes building 100 kilometers of electricity transmission lines spanning roughly 350 kilometers to connect renewable energy generation sites in the Gulf of Suez with the Al Hawamidia substation in Giza.
Under the first phase, the alliance will construct approximately 45 kilometers of transmission lines at a contract value of around EGP 788 million, in addition to $14 million. It has also been awarded the third phase, which covers about 52 kilometers, with a contractual value of EGP 875 million, along with $15 million.
The two phases are scheduled for completion within one year following the finalization of contractual procedures.
This marks one of the largest electricity transmission projects currently underway in Egypt, with total investments ranging between EGP 12 and EGP 14 billion. The venture has been divided into eight lots, which attracted competition from major local and international companies and consortia.
Upon completion, the project will enable the national grid to accommodate more than 2 gigawatts (GW) of electricity generated from new wind energy projects in the Gulf of Suez region, supporting Egypt’s plans to expand the share of renewable energy in its energy mix.
The project also aims to reinforce the national transmission network through the deployment of the highest voltage level currently used on Egypt’s electricity grid, helping reduce transmission losses, improve network efficiency, and enhance the utilization of renewable energy generation capacity.
Earlier on Thursday, June 11th, Korra Energi began trading its shares on the Egyptian Exchange (EGX).
