Orascom Construction (OC) announced that it had signed contracts to convert Assiut and West Damietta power plants in Egypt from simple to combined cycle. OC’s share amounts to c.USD420 million. Both power plants will be completed on an “EPC + finance” basis, where OC would help arrange a competitive financing package, on behalf of the client. The two power plants constructed by OC and completed in 3Q2015, are currently operational with a combined capacity of 1,500 MW. This is expected to grow c.50%, with no additional fuel intake. OC is currently building two other power plants in Egypt, with a capacity of 4,800 MW each. OC has connected 2,000 MW to Egypt’s national grid in Assiut, West Damietta, and Sixth of October. (Company disclosure)   Orascom Construction (DU): USD7.14 as of 10 January 2016, Rating: Buy, FV: USD9.06 per share, MCap: USD843 million, OC DU / OC.DI