Finance
Tecnicas Reunidas, Orascom secure $2.6 billion contract in Saudi Arabia
Published by Global Banking & Finance Review®
Posted on March 24, 2025
1 min readLast updated: January 24, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on March 24, 2025
1 min readLast updated: January 24, 2026
Tecnicas Reunidas and Orascom win a $2.6 billion contract to expand a power plant in Saudi Arabia, including carbon capture infrastructure.
(Reuters) - Spain's Tecnicas Reunidas and Egypt's Orascom have secured a $2.6 billion contract to expand a 3 gigawatt combined cycle gas-fired power plant in Saudi Arabia, the Egyptian engineering company said on Monday.
The agreement, a 50-50 joint venture, will include readying carbon capture infrastructure and will include a 380-kilovolt (kV) electrical substation, Orascom said.
The project is part of a number of contracts signed by Tecnicas Reunidas in the past months in the Middle East and elsewhere that will allow it to triple its net profit in 2026 from 2023.
The Spanish company, which specialises in building energy infrastructure, has seen its shares jump almost 50% so far this year as it recovers from an energy investment contraction following the pandemic and the war in Ukraine.
(Reporting by Marta Serafinko in Gdansk, editing by Inti Landauro and Louise Heavens)
The main topic is Tecnicas Reunidas and Orascom securing a $2.6 billion contract to expand a power plant in Saudi Arabia.
The contract includes expanding a gas-fired power plant and adding carbon capture infrastructure and a 380-kV substation.
Tecnicas Reunidas expects to triple its net profit by 2026, with shares increasing by 50% this year.
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