Siemens signs ‘4 bn euro’ power deal with Egypt
Siemens will build a “4.4 gigawatt combined cycle power plant and install wind power capacity of 2 gigawatt”
German conglomerate Siemens has signed a “four billion euro” power deal with Egypt, a company spokesperson said on Saturday.
Under a number of accords agreed between the parties, Siemens will build a “4.4 gigawatt combined cycle power plant and install wind power capacity of 2 gigawatt”, the company added in a statement.
Other projects would include building a factory in Egypt “to manufacture rotor blades for wind turbines”.
Under two further memorandums of understanding (MoU), Siemens will also propose to build additional “combined cycle power plants with a capacity of up to 6.6 gigawatts and ten substations for reliable power supply”, the statement added.
The spokesperson told AFP the projects covered by the MoU would be worth a further six billion euros.
Siemens president and chief executive officer Joe Kaeser said the accords would supply Egypt with “a powerful and reliable energy system to support its long-term, sustainable economic development”.
The agreements were signed at a global investor conference in the Egyptian resort of Sharm el-Sheikh by Kaeser and Germany’s Vice Chancellor Sigmar Gabriel.
The conference is aimed at jump-starting the Egyptian economy after years of turmoil.
Foreign investment has plummeted since the 2011 uprising that ousted long-time president Hosni Mubarak.