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A new milestone reached in the Siemens Egypt Megaproject: Today (March 9, 2016), the loan agreements for the two Combined Cycle Power Plants (CCPP) projects Burullus and New Capital in Egypt have been signed. Both Combined Cycle Power Plants are currently under construction by a consortium of Siemens and Orascom Construction.
The financing of major parts of Orascom Construction and Siemens´ scope for the two power plants will be provided by a consortium of international and regional banks. The credit facilities are largely covered by Export Credit Agencies. Representatives of the financing banks and Egyptian Electricity Holding Company (EEHC) came together in Cairo in the presence of the Egyptian Prime Minister, Eng. Sherif Ismail to ink the loan agreements.
The financing package for the Siemens part of the contracts was structured by Siemens Financial Services (SFS), which also includes a tailored guarantee concept.
The Financial closing and the posting of the orders for Burullus and New Capital at Siemens are expected to follow within the coming weeks.