Citadel Capital’s TAQA Announces First Private Sector Power Plant

TAQA Power, a branch of Citadel Capital’s (CCAP.CA) full service energy distribution platform, TAQA Arabia, has announced the start of commercial operations for the first private sector independent power plant (IPP) to be tendered by the Egyptian petrochemicals sector.

The 11 MW natural gas powered plant located in Dekheila Port, Alexandria will provide the Egyptian Polystyrene Production Co., E-Styrenics, a subsidiary of the Egyptian Petrochemical Holding Company, with all of its energy needs.

Khaled Abu Bakr, CEO TAQA Arabia comments, “We are pleased to witness this expansion in TAQA Power’s scope of operations. These types of projects offer new solutions that directly address some of Egypt’s most pressing problems; such as the shortage of electricity. This landmark project, which will ensure an uninterrupted power supply to one of the petrochemicals sector’s most important new factories, is an excellent example of how the private sector can make a valuable contribution to issues of national importance.”

TAQA Power (formerly Global Energy) was awarded a Build, Own, Operate (B.O.O.) contract to establish the plant in July 2011. The financial close and construction of the project have been successfully completed and the IPP will start commercial operations during the fourth quarter of 2012 under a 20-year off-take agreement with E-Styrenics.

E-Styrenics, a US$400 million project, is building Egypt’s first polystyrene production line with a total capacity of 200,000 tons per year during phase one of the operations. With know-how provided by Badger Licensing, a leading global provider of technology and engineering design for the petrochemicals industry, E-Styrenics will have access to state-of-the-art production techniques.

TAQA Power, a leading private sector power developer with a license to generate and distribute electricity from the Egyptian Electric Utility Regulatory Agency and the Consumer Protection Agency provides a wide range of services to leading players in the oil and gas, petrochemicals, cement, tourism and real estate sectors.

“We are proud to add this significant national project to our list of reputable clients which includes Al Futtaim, Emmar Misr, Amer Group, Sabbour Group, Allam Holding, and Scimitar,” added Abu Bakr. “Both new and old clients will benefit from TAQA Power’s unrivaled service, dedication to excellence and trained professionals who offer their expertise in a variety of different areas.”