Elsewedy Electric ( SWDY.CA) announced that its subsidiary, Elsewedy Power, had signed a contract worth USD484.5 million with the Ministry of Energy and Water in Angola to develop three power generation plants, according to a company disclosure. The project is part of Angola’s fast-track programme and will be executed in 2016. The deal includes the supply, installment, financing and maintenance of the power stations. However, the contract is pending authorities approval in Angola; therefore, the company cannot confirm when it will start to execute the project.   The turnkey projects segment (EGP14.2 billion backlog in September 2015) remains a key driver for growth over 2015-17, driven by projects in Middle East and Africa region, particularly in Egypt (the largest are USD706 million, 980MW fast track signed in January 2015 and now near completion, and USD865 million (Elsewedy share), 4,800MW Beni Suef signed in June 2015 in a consortium with Siemens and expected to complete in 3Q2017). This should be a key driver for earnings and dividend growth in 2015 (EGP1 DPS in 9M2015 and additional expected payment post release of FY2015 results) onwards, in our view. (Company disclosure, Wafaa Baddour)   Elsewedy Electric: EGP33.82 as of 03 February 2016, Rating: Buy, FV: EGP62.50 per share, MCap: USD965 million, SWDY EY / SWDY.CA