Siemens gets $2 bln for Egypt plant

Egypt

CAIRO, November 23, 2015 – Siemens has secured a first tranche of funds for a series of gas-fired power plants it will build in Egypt.

In June, the German company inked a deal with the Egyptian government to build the Beni Suef combined-cycle plant, along with two other gas-steam power plants.

Siemens described the order, worth €8 billion, as its largest ever.

The first plant is expected to begin operations in 2016 and reach full production by April 2018.

A Siemens spokesman said on Monday that a consortium of banks would provide financing for the plants. A total of $2 billion in funding has been secured in an initial two agreements.

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