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FINANCIAL NEWS
Siemens to start building Egypt’s USD8.5b power plants
24 Nov 2015
(MENJAFN) Siemens, the German multinational conglomerate considered to be the largest engineering company in Europe will build state-of-the-art power plants for Egypt at a cost of USD8.5 billion.
The contract, which calls for three joint-cycle power plants with a capacity of 4,800 megawatts each, plus 12 wind farms, was signed in June and marked the single-biggest order in Siemens’ history.
Additionally, the massive project is projected to start operation in 2016, with full production by April 2018, and is designed to boost and increase Egypt’s electricity generation by roughly 50 percent.
Furthermore, according to recent reports, a group of banks has approved to finance and supply credit for the Beni Suef natural gas-fired combined cycle power plant, the first of the three planned plants.
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