The newly listed energy solutions provider Korra Energi, in alliance with High Dam for Electrical and Industrial Projects(HIDLECO), has secured the first and third lots of a major Egyptian electricity transmission project. According to a company press release dated June 11, the project involves constructing 500-kilovolt (kV) extra-high-voltage overhead transmission lines to connect wind power facilities in the Gulf of Suez to the national grid.
The project, tendered by the Egyptian Electricity Transmission Company (EETC), is part of the state’s strategy to upgrade the national grid infrastructure and enhance its capacity to absorb renewable energy projects. It is considered one of the largest electricity transmission projects currently under implementation in Egypt, with total investments ranging between EGP 12 billion and EGP 14 billion. The project has been divided into eight lots, for which leading local and international companies and consortia competed.
Under the awarded contracts, the consortium will execute the first lot, which extends approximately 45 kilometers and is valued at around EGP 788 million, in addition to $14 million. The third lot covers roughly 52 kilometers and carries a contract value of about EGP 875 million plus $15 million.
Both phases are scheduled for completion within one year following the finalization of contractual procedures. Once completed, the network is expected to enable the integration of more than 2 gigawatts (GW) of electricity generated from new wind power projects in the Gulf of Suez.
According to Ayman Korra, CEO of Korra Energi, “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.”
“The project directly supports the state’s direction towards expanding renewable energy projects by linking new wind energy projects to the national electricity grid, which enhances energy security, raises the efficiency of the electricity system, reduces energy transmission losses, and supports the achievement of Egypt’s goals in the field of clean energy and sustainable development,” he added.
Korra Energie is now listed and tradable on the Egyptian Stock Exchange (EGX), following an offering earlier this month of an 11% stake split between a private placement for institutions (60%) and a public tranche for retail investors (40%) at EGP 2.97 per share.
Founded in 1982 as a land reclamation operation, Korra has evolved into a diversified energy and infrastructure player with a focus on efficiency, inaugurating Egypt’s first tri- generation plant, which produces electricity, heating, and cooling simultaneously from a single fuel source, in 2022.
