Jul 24, 2018

Orascom Construction will build the largest windfarm in Egypt

Commercial construction
Middle-East construction
Energy efficiency
Dale Benton
2 min
Leading global engineering and construction contractor, Orascom Construction has announced its plans to par...

Leading global engineering and construction contractor, Orascom Construction has announced its plans to partner with ENGIE (France) and Toyota Tsusho Corporation/Eurus Energy Holdings Corporation (Japan) in the development of a new 500MW build-own-operate (BOO) wind farm in Ras Ghareb, Egypt.

The agreement was recently signed between the consortium and the Egyptian Electricity Transmission Company (EETC) as the off-taker and the New & Renewable Energy Authority (NREA) as the land owner. 

Orascom frequently invests in infrastructure opportunities, owns 50% of BESIX Group, and holds a diverse construction materials and property management portfolio.

Through the venture, the construction works are expected to close by Q4 2019.  The project will complement the consortium’s existing 250 MW BOO wind farm, which is currently under construction and ahead of schedule, and expected to be commissioned in the second half of 2019.  

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The 500MW project is set to become the largest renewable energy project of its kind in Egypt and is set to create opportunities with long-term market value. The business has also recently completed the refurbishment of the Emaar Al Almein Hotel, which was completed in under 10 months.

Since its inception in the 1950s, Orascom has grown organically to become a key player within the Middle East construction industry, where Egypt remains its largest market for new and upcoming projects, such as the Grand Egyptian Museum.

In 2018, the business has added up to $650mn new contracts to its portfolio of projects under construction in Egypt and the US, Zawya has reported.

 

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Apr 16, 2021

Hydrostor receives $4m funding for A-CAES facility in Canada

energystorage
Canada
Netzero
Dominic Ellis
2 min
The funding will be used to complete essential engineering and planning, and enable Hydrostor to take critical steps toward construction
The funding will be used to complete essential engineering and planning, and enable Hydrostor to take critical steps toward construction...

Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.

The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction. 

The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.

The project has support from Natural Resources Canada’s Energy Innovation Program and Sustainable Development Technology Canada.

Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.

The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”

A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth. 

Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."

The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.

Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019. 

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