Egypt secures $4 billion to construct three combined cycle plants
Egypt’s state-owned utility Egyptian Electricity Holding Co. (EEHC) has secured $4 billion (€3.5 billion) in financing to construct three combined cycle power plants with a combined capacity of 14,400 MW. Germany’s Deustche Bank said it jointly arranged the financing with UK’s HSBC and Germany’s KfW’s IPEX Bank, through a consortium formed by 17 international banks.
The loans, guaranteed by Egypt’s Finance Ministry, will fund three power plants in Egypt — the Beni Suef, Burullus and New Capital. Siemens will supply gas turbines for the trio of 4,800 MW natural gas combined-cycle power plants.
According to Deustche Bank, the Egyptian order is the largest in the company’s history, with total investment cost pegged at $6.8 billion(€6 billion). Upon completion in 2018, the plants are likely to be the largest in the world, which are expected to boost Egypt’s electricity production by 50 percent.
Newsletter
Power your knowledge with the latest in turbine technology, engineering advances, and energy solutions—subscribe to Turbomachinery International today.
