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Siemens secures financing for $8.5 billion project to boost Egypt power generation
- 9 years ago (2015-11-24)
- David Flin
Egypt has secured a first tranche of financing for an €8 billion plan for power plants to be built by Siemens , according to the Egypt Electricity Ministry. A consortium of banks has agreed to supply credit for the Beni Suef natural gas-fired combined cycle power plant, the first of three planned power plants, a spokesman for Siemens said.
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The project is expected to start operations in 2016, with full production by April 2018.
Two agreements, worth a total of €2 billion, were signed by Siemens and El Sewedy Electric .
The €8 billion deal was signed in June, and marked the single biggest order in Siemens’ history. It is designed to boost Egypt’s electricity generation by 50 per cent, with the plan calling for three combined cycle power plants with a total capacity of 4800 MW, and 12 wind farms.