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12.04.2016 11:00:52

Combined Cycle (COGAS) power plants for Egypt: Deutsche Bank, HSBC and KfW IPEX-Bank structure and arrange EUR 3.5 billion in financing

Frankfurt am Main (ots) -

- Over EUR 3.5 billion to finance the largest combined cycle power
plants in the world
- Deutsche Bank, HSBC and KfW IPEX-Bank structure and arrange
ECA-underwritten financing for 17 international banks
- German technology expert Siemens to deliver its latest
generation of gas turbines to Egypt for the three
high-efficiency power plants

Deutsche Bank, HSBC and KfW IPEX-Bank have jointly structured and
arranged the Hermes-underwritten financing for the Beni Suef,
Burullus and New Capital combined cycle plants in Egypt. A consortium
of 17 international banks is raising the debt capital of EUR 3.5
billion. For exporter Siemens, the Egyptian order is the biggest in
the company's history. The total investment cost for the three power
plants will run to EUR 6 billion.

Together, Deutsche Bank, HSBC and KfW IPEX-Bank are acting as
Coordinating Initial Mandated Lead Arrangers (CIMLAs) for the
financing. The banks have been mandated for the project by the
state-owned Egyptian Electricity Holding Company (EEHC). The CIMLAs
are also acting as co-bookrunners for the syndication of the
Hermes-covered finance with Deutsche Bank acting as coordinating
bookrunner. KfW IPEX-Bank assumes an additional role as Hermes and
Facility Agent. The coordinating bank for environmental and social
project due diligence for the Beni Suef and Burullus power plants is
Deutsche Bank. HSBC is acting as environmental coordinator for New

Given the transaction's size and complexity the CIMLA's swift
execution has been impressive. The mandate was awarded in June 2015
following a Memorandum of Understanding signed by Siemens and Egypt
at the Sharm-El-Sheikh conference in March of the same year and
Egyptian President Abdel Fattah el-Sisi's subsequent state visit to
Germany. In November 2015, the loan agreement was signed for the
first project in Beni Suef. March 2016 then saw the financial close
for the other two power plants, Burullus and New Capital. The loans
are guaranteed by the Egyptian Finance Ministry.

The core component of each of the natural gas-fired combined cycle
power plants, which are to be built at three different locations
across the country, will be eight latest-generation Siemens gas
turbines. The H-Class, as it is known, is a maximum efficiency
turbine, thus providing not only a reliable energy supply but also a
greener one.

The three large power plants, all of the same design, will each
have a 4,800 megawatt production capacity, with a combined capacity
of 14.4 gigawatts. Upon completion in 2018 they will be the largest
in the world. The projects will boost Egypt's electricity production
by 50% and make a significant contribution to the country's national
economic development.

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