Cairo – Mubasher: Dubai Electricity and Water Authority (DEWA) has awarded about a $300 million contract for the construction of the fourth phase of H-Station in Al Aweer, Dubai to a consortium of Egypt’s Elsewedy Electric Co and Germany’s Siemens.
The power plant is comprised of three natural gas turbines with a combined capacity of 815 megawatts (MW), Elsewedy added in a filing to the Egyptian Exchange (EGX) on Wednesday.
The plant is scheduled to commence generating electricity in 2020, the company noted.
Last January, a three-company consortium comprises Egypt’s Elsewedy Electric, Japan’s Marubeni Corporation, and the UAE’s Abu Dhabi Future Energy Company (Masdar) signed a preliminary agreement to merge and develop two wind energy projects in Egypt.
Elsewedy Electric’s capital amounts to EGP 2.18 billion distributed over 218.4 million shares at a par value of EGP 10 per share.
