Egypt’s Sovereign Fund aims to acquire $1.98bn of shares in power plants built by Siemens

In Egypt, the Sovereign Fund aims to acquire shares, worth approximately $ 1.98 billion in power plants. These three mega-power plants built in the country by Siemens AG have a setup cost of $ 6.62 billion and a total capacity of 14.4 GW.

The three plants were inaugurated in 2018 and two of them are located in the new economic capital. They are planned to be operated by Siemens until 2024.

This acquisition is part of the Fonds  acquisition of a portfolio of projects in the sector. Then an investor will be selected to hold the remaining shares [acquired by the fund],  ” Bloomberg , Ayman Soliman (pictured), executive director of the Fund , told Bloomberg .

Six international investors have already expressed interest in participating in the operation and negotiations will be conducted by a financial adviser who will be known next week, according to the official.

The purpose of this acquisition is twofold. This is on the one hand to lighten the weight of the debt of the country and, secondly, to encourage investors to focus on sectors other than that of hydrocarbons.

 

Source: Agence Ecofin

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