Siemens received €4.9bn of its dues from the Egyptian Electricity Holding Company (EEHC) for its work on power stations in Beni Suef, Brulus, and the New Administrative Capital.
Sources at the EEHC said that the receipts provided to Siemens were approved and disbursed by the banks financing the projects. The EEHC will start repaying its loans to the banks after the commercial operation of the aforementioned stations.
The sources told Daily News Egypt that Siemens will complete the delivery of 12 gas production units in the Beni Suef, Brulus, and New Administrative Capital stations before the end of June, with a combined capacity of 4,800 MW.
The sources explained that after the stations become operational, the National Energy Control Center will handle managing their capacities, whether by operating them fully, half their capacities, or part of their capacities.
The German company has already handed over to the Ministry of Electricity 16 gas production units of power plants in the New Administrative Capital, Beni Suef, and Brulus, with a combined capacity of 6,400 MW.
Sherif Kotb, deputy project director at Siemens, said that the company is carrying out its operations on the units according to the agreed schedule. The Egyptian Electricity Holding Company determines the capabilities it needs from each unit for the national grid, as well as the number of operating hours and fuel required for operation.
Siemens is implementing 12 steam production units with a total capacity of 4,800 MW, which are expected to start operating tests next month, he added.
The Ministry of Electricity contracted with Siemens to establish three power plants in Beni Suef, the New Administrative Capital, and Brulus, which will have a total combined capacity of 14,4000 MW, based on an EBC+Finance system. Siemens will design, construct, and finance the project, then the EEHC will repay the loan over several years.
Three German banks, KfW Development Bank, HSBC, and Deutsche Bank secured funding for Siemens’ projects in Egypt, amounting to €4.1bn of a total contract value of €6bn. Arab banks secured the remaining funding in Egyptian pounds to pay Egyptian companies participating in constructions, including Elsewedy Electric and Orascom Construction.