A consortium formed by newly listed energy solutions company Korra Energi and High Dam for Electrical and Industrial Projects (HIDLECO) has secured the first and third lots of one of Egypt’s most significant electricity transmission projects — a 500-kilovolt extra-high-voltage overhead transmission programme designed to carry wind power from the Gulf of Suez into the national grid.
The project was tendered by the Egyptian Electricity Transmission Company (EETC) and has been divided into eight lots, for which leading local and international companies competed. The consortium’s two awarded lots combined represent a contract value of approximately EGP 1.66 billion plus $29 million in foreign currency components. The first lot covers roughly 45 kilometres and is valued at around EGP 788 million plus $14 million; the third lot spans approximately 52 kilometres with a contract value of about EGP 875 million plus $15 million.
Both phases are scheduled for completion within one year of the finalisation of contractual procedures. Once complete, the upgraded transmission network is expected to enable the integration of more than 2 gigawatts of electricity generated from new wind power projects in the Gulf of Suez — a corridor that hosts some of the world’s strongest and most consistent onshore wind resources and where Egypt has been steadily expanding its renewable energy footprint.
Total project investment across all eight lots ranges between EGP 12 billion and EGP 14 billion, making it one of the largest electricity infrastructure projects currently under implementation in Egypt. The project sits directly within the state’s strategy to upgrade national grid infrastructure and build the transmission backbone capable of absorbing the wave of renewable energy projects — solar and wind — that Egypt has been commissioning and contracting at an accelerating pace.
Ayman Korra, CEO of Korra Energi, described the award as a strategic inflection point for the company: ‘Winning the contracts marks a new strategic step that strengthens Korra Energi’s position in the energy and infrastructure sector and confirms our ability to seize quality opportunities that support business growth and the expansion of our project portfolio.’ He added that the project directly supports Egypt’s direction toward expanded renewable energy by linking new wind generation to the national grid, enhancing energy security, reducing transmission losses and advancing the country’s clean energy goals.
Korra Energi’s market debut adds a further dimension to the story. The company recently listed on the Egyptian Stock Exchange following an offering of an 11 percent stake split between institutional and retail investors at EGP 2.97 per share — entering the capital markets at the same moment it is executing one of its largest-ever infrastructure mandates. Founded in 1982 as a land reclamation company, Korra has evolved into a diversified energy and infrastructure player, most notably inaugurating Egypt’s first tri-generation plant — producing electricity, heating and cooling simultaneously from a single fuel source — in 2022.
Source: egyptoil-gas.com