3 power plants for Egypt for EUR 6 Billion

Deutsche Bank, HSBC and KfW IPEX-Bank have jointly structured and arranged the Hermes-underwritten financing for the Beni Suef, Burullus and New Capital COGAS plants in Egypt. A consortium of 17 international banks is raising the debt capital of EUR 3.5 billion. For exporter Siemens, the Egyptian order is the biggest in the company’s history. The total investment cost for the three power plants will run to EUR 6 billion.

Together, Deutsche Bank, HSBC and KfW IPEX-Bank are acting as Coordinating Initial Mandated Lead Arrangers (CIMLAs) for the financing. The banks have been mandated for the project by the state-owned Egyptian Electricity Holding Company (EEHC). The CIMLAs are also acting as co-bookrunners for the syndication of the Hermes-covered finance with Deutsche Bank acting as coordinating bookrunner. KfW IPEX-Bank assumes an additional role as Hermes Agent and Facility Agent. The coordinating bank for environmental and social project due diligence for the Beni Suef and Burullus power plants is Deutsche Bank. HSBC is acting as environmental coordinator for New Capital.