US company Recovered Energy Group is operating in the local market, and has allocated initial investments worth $50m to launch waste recycling projects to generate electricity.
Managing director Tarek Ghorab said they intend to present an integrated funding offer to the Ministry of Environment and governorates to launch waste recycling projects to generate electricity. The projects will be launched in cooperation with international funding institutions.
Recovered Energy is conducting technical and financial studies in preparation for the launch of recycling projects. The company seeks to hold talks with officials to obtain approvals for the projects in two months, Ghorab said.
The company made an integrated funding offer to improve the efficiency of Damietta power plant at a cost of $30m in cooperation with three foreign banks. Two suggestions were presented to the Egyptian Electricity Holding Company (EEHC). The first is that Recovered Energy sells the energy produced from the units for 10 years, while EEHC would not pay any amount. The second is that Recovered Energy sells the system for increasing the efficiency of power plants to EEHC.
The presented offer includes raising the efficiency of electricity generation units by installing a system to handle the problem of losing capacity and decreasing the amount of gas used. The agreement about the ways and mechanisms through which the project will be launched is underway, while the technical and financial aspects will be finalised in three months.
Recovered Energy seeks to bring the most advanced technology to Egypt through the investment system, EPC+ Finance, which includes provision of the required investments by investors through international funding institutions then giving the plant’s ownership to the government in order to operate it. The system also includes paying the value of the investments over long periods and through significant facilitations, Tarek said.
