US-based independent engineering and consulting firm, Recovered Energy Group, is looking to position itself in the Egyptian energy market, where it has earmarked $50 million to develop waste recycling projects to generate electricity.
According to Daily News Egypt, managing director of the consulting firm, Tarek Ghorab, the company intends to propose an integrated funding strategy to the Egyptian ministry of environment and governorates to launch waste recycling projects to generate electricity.
Recovered Energy research studies underway
Ghorab said that the firm is conducting technical and financial studies in preparation for the launch of the recycling projects. The company is planning to initiate talks with officials to obtain approvals for the projects within two months, local media reported.
[quote]According to media, Recovered Energy has submitted a $30 million offer to improve the efficiency of the Damietta combined cycle gas turbine (CCGT) power plant in cooperation with three international finance institutions.
The Egyptian Electricity Holding Company (EEHC), was presented with two offers: the first proposed that Recovered Energy would sell the generated power from the units for the initial 10 years, while EEHC would not be liable for any costs. The second offer suggests that Recovered Energy sells the system for increasing the efficiency of power plants to EEHC, Daily News Egypt reported.
The proposal includes that the efficiency of the generation units would be improved through the installation of technology that can cope and mitigate energy loss while reducing the amount of gas used.
The final details of how the project will be integrated and launched is currently in the process, and the technical and financial aspects will be finalised in three months.