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Siemens signs €8 billion Egypt power project deal

German technology company Siemens has signed a contract worth €8 billion to supply natural-gas-fired power plants and wind power installations in Egypt. 09 Jun 2015

The projects will boost Egypt's power generation by more than 50% compared to the current installed base, adding 16.4GW to the country's national grid, Siemens said in a statement.

Siemens will work with local partners Elsewedy Electric and Orascom Construction to supply three natural gas combined-cycle power plants, each with a capacity of 4.8GW. Each plant will be powered by eight Siemens H-Class gas turbines, it said.

These plants will add power to the grid in stages, with an initial 4.4GW online by the summer of 2017, and the full 14.4GW available 38 months after financing has closed and advance payments have been received, Siemens said.

Siemens will also deliver up to 12 wind farms in the Gulf of Suez and West Nile areas, with around 600 wind turbines and an installed capacity of 2GW, it said.

Siemens will also build a rotor blade manufacturing facility in Egypt's Ain Soukhna region, which will provide training and employment for up to 1,000 people. The facility is scheduled to go into operation in the second half of 2017, it said.

The deal will be financed by Siemens Financial Services, supported by export credit agencies in Germany and Denmark, Siemens said.

Siemens has been doing business in Egypt since 1859 and has maintained a continuous presence in the country since opening its first office in Cairo in 1901, it said.

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