Egypt has approached the German lenders of its mutual power plants, known as Egypt Megaproject, with Germany’s Siemens, seeking permission for the sale of shares in the project’s power plants, according to three officials cited in Asharq Business.
Offering the shares for sale is subject to the German banks’ approval in compliance with the funding contracts, which stipulate the country’s inalienability, to sell shares in the plants, the sources added.
Despite the fact that the Egyptian Electricity Holding Company (EEHC) has been repaying the loans on time since 2019, an official highlighted that Egypt would not conduct any sale unless it gets the lender’s approval or fully repays the loans, an official stressed.
The three power plants were built by Siemens in 2018, in collaboration with El Sewedy Electric and Orascom Construction, at a total value of €7 billion, with a total capacity of 4.8 gigawatts each.
