Siemens-led consortium reaches financial close agreement for Egypt power plant

A consortium led by German industrial group Siemens reached on Sunday 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 on Sunday.

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.