Siemens equipment orders to boost Egypt's power generation by 50%

Siemens (NYSE: SI) has signed contracts worth €8 billion for natural gas-fired power plants and wind power installations that will boost Egypt's power generation capacity by more than 50 percent.

Together with local Egyptian partners Elsewedy Electric and Orascom Construction, Siemens will supply three natural gas-fired combined cycle power plants, each with a capacity of 4.8GW, for a total combined capacity of 14.4GW. Each of the three power plants –- Beni Suef, Burullus and New Capital – will be powered by eight Siemens H-Class gas turbines.

The projects will add an additional 16.4GW to Egypt's national grid in stages. Plans call for an initial 4.4GW to go online before summer 2017 and the full 14.4GW to become available 38 months after the financing has closed and advance payments have been received. According to a Siemens’ press release, the three power plants will be the largest in the world upon completion.

Siemens will also deliver up to 12 wind farms in the Gulf of Suez and West Nile areas, comprising around 600 wind turbines and an installed capacity of 2GW. The company will build a rotor blade manufacturing facility in Egypt's Ain Soukhna region, which will employ up to 1,000 people. The facility is scheduled to go into operation in the second half of 2017.

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