Boost for Egypt as gas-fired power project finance secured

A project that will boost Egypt’s power generation capacity by 50 per cent has received a significant boost with the news that the first tranche of $8.5bn in finance has been secured towards its construction.
Siemens CEO Joe Kaeser, the German Vice Chancellor Sigmar Gabriel, the Egyptian President Abdel Fattah El-Sisi and Muhamed Shaker, Minister of Electricity and Energy of Egypt.
Germany’s Siemens is behind the project, the biggest deal in its history and will see them produce three combined-cycle gas-fired power plants with a capacity of 4,800 MW each, along with 12 wind farms.

A group of banks has agreed to supply credit for the Beni Suef natural gas-fired combined cycle power plant, the first of the three planned plants, a spokesman for Munich-based Siemens said on Monday.

Two agreements, worth 2 billion euros in total, were signed by a consortium of banks led by Deutsche Bank, HSBC Germany and German government-owned development bank KfW, two sources familiar with the situation told Reuters.

The project is expected to start operation in 2016, with full production by April 2018.

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