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On March 31, Siemens has reached financial close for the two combined cycle power plants, Burullus and New Capital, in Egypt.
Reaching the financial close is an important milestone towards building the two power plants- with a capacity of 4.8 Gigawatts (GW) each set to become the biggest gas-fired combined-cycle power plant complex around the world.
On March 9, the loan agreements of Burullus and New Capital were signed in Cairo– in the presence of the Egyptian Prime Minister, Sherif Ismail.
Covering major parts of Orascom Construction and Siemens´ scope, the financing of the two plants was provided by a consortium of international and regional banks. The credit facilities were largely covered by Export Credit Agencies.
Building on Siemens engineering excellence and financial solidity, Siemens Financial Services (SFS) was able to structure this financing package – including a tailored guarantee concept and long-term financing facilities.
For Beni Suef, financial close was already achieved on December 30, 2015. Beni Suef´s financing structure is comparable to the other two projects.