21 January 2013    

TAQA Power, a leading private-sector power developer, has begun operations at its 120 MVA substation in Nabq. The EGP 200 million substation is the first private-sector project of its kind in South Sinai to provide much needed electrical capacity to the Nabq tourist center. TAQA Power is a branch of TAQA Arabia, Citadel Capital’s full-service energy distribution platform with a focus on gas and electricity distribution and fuels marketing.\n\n“We are very pleased to be launching this crucial project, particularly at a time when Egypt’s energy consumption is growing so rapidly. Private-sector-led projects such as the Nabq Substation will be the key to meeting Egypt’s growing demand for electricity,” said Khaled Abu Bakr, Chief Executive Officer of TAQA Arabia. “We are grateful for the continued support of the Ministry of Electricity as we work to be ‘part of the solution’ to ensure that Egypt has reliable access to energy—and by helping develop the infrastructure that is key to both attracting investors and to the growth of the tourism industry.”\n\nWith a capacity of 120 MVA, which is expandable to 160 MVA and upgradable to 375 MVA, the substation’s current voltage level is 66/22 KV upgradable to 220/66/22 KV. The project has been designed to cover both the current and future electricity needs of the entire 35 million-square-meter Nabq tourism center.\n\nThe rapidly growing tourist development, located near Sharm El-Sheikh International Airport, currently includes around 100 resorts as well as residential and commercial projects. The substation will extend an electricity distribution network to all of Nabq’s tourism, commercial and residential facilities, including a number of mega development projects currently under construction such as City Stars Nabq and Porto Sharm.\n\n“Under the terms of our agreement, TAQA Power will purchase electricity from the Egyptian Electricity Transmission Co. at Egyptian electricity unified grid prices, then distribute it to its customers within the Nabq tourism center,” explained Dr. Magdy Saleh, Managing Director of TAQA Power.\n\nThe design and tendering of the project began in the second half of 2009 and construction commenced in 2010. The substation began operations last week.\n\n“We are fully aware of the impact that our operations have on the surrounding environment and we are seeking to invest in renewable energy including wind and solar power generation,” said Saleh. “The company is also looking into the possibility of generating power from agricultural waste,” he added.\n\nTAQA Power has recently signed the Medgrid Industrial Partnership with 12 leading companies from Europe. The alliance of leading industrial partners involved in the production, transmission and distribution of electricity aims to work together to come up with clean, renewable, alternative energy sources for North Africa.\n\nAs a leading provider of energy services to companies operating in the oil and gas, cement, tourism, real estate and petrochemicals sectors, TAQA Power is now strategically positioned to capitalize on new market opportunities as increased energy demands place further strain on the national grid. TAQA Power’s current list of clients includes leading players Al Futtaim, Emar Misr, Amer Group, Sabbour Group, Allam Holding, Scimitar Production and E-Styrenics.\n\n—Ends—\n\nTAQA Power is Egypt’s first privately licensed power developer and operator, licensed and registered with the Egyptian Electric Utility and Consumer Protection Regulatory Agency. The company provides electricity for a wide range of commercial and residential clients. Operational since 2000 under the name Global Energy, the company became a branch of TAQA Arabia in 2006. As a part of TAQA Arabia, TAQA Power now stands alongside TAQA Gas, TAQA EPC, and TAQA Fuel Marketing.\n\nTAQA Arabia is the largest private sector energy distribution company in Egypt with over 16 years of experience, investing and operating energy infrastructure including gas transmission and distribution, power generation and distribution and marketing of petroleum products. Incorporated in Egypt, TAQA Arabia has successfully grown from a local service provider to a highly ranked regional competitor with operations in the Middle East and Africa. With a total of EGP 1.2 billion in investments, TAQA provides services through 4 operating arms; TAQA Gas, TAQA Power, TAQA EPC and TAQA Fuel Marketing. The group’s 3,400 employees manage 4 gas concessions in 12 Egyptian Governorates and operate 25 fuel stations; the company also generates and distributes more than 880 MW of power.\n\nCitadel Capital (CCAP.CA on the Egyptian Stock Exchange) is the leading investment company in Africa with a focus on Egypt, East Africa and North Africa. Citadel Capital controls investments of US$ 9.5 billion and focuses on 5 core industries: Energy, transportation and logistics, agriculture and consumer foods, mining and cement manufacturing. For more information, please visitwww.citadelcapital.com.\n\nFor more information, please contact:\n\nMs. Ghada Hammouda\nHead of Corporate Communications\nCitadel Capital (S.A.E.)\n\nghammouda@citadelcapital.com\n\nTel: +20 2 2791-4439 • Fax: +20 22 791-4448\n\nMobile: +20 106 662-0002