Siemens Reaches Financial Close Agreement for Egypt Power PlantSource: www.export-egypt.com 11/22/2015, Location: Africa |
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A consortium led by German industrial group Siemens reached the financial close agreement for the combined cycle power plant in Upper Egypt at a value of €2 billion.
The deal, which was initially signed in March during an investment conference in the Egyptian Red Sea resort of Sharm El-Sheikh, entails providing funds for 85 percent of the foreign component to the Beni Suef power plant, Egypt's cabinet was quoted by official news agency MENA. Egyptian cable company El-Sewedy Electric said in June that it had won a €785 million portion of the deal. The German industrial company signed an €8 billion (approximately $9 billion) deal in June with the Egyptian government to establish three high-efficiency natural gas power plants and wind power installations at a capacity of 16.4 gigawatts. The power plants will be located in Burullus on the north coast, the planned administrative capital east of the country and Upper Egypt's Beni Suef. |
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