Siemens Signs 10 Billion Euros of Power-Plant Deals With Egypt

(Bloomberg) — German industrial giant Siemens AG has signed 10 billion euros ($10.5 billion) in deals and memorandums of understanding with Egypt to help expand its electricity network, a company official said Saturday.

Firm agreements have been reached on building a 4.4-gigawatt combined cycle power plant and to install wind-power capacity of 2 gigawatts, a Siemens spokesman said by phone. Those accords are valued at about 4 billion euros, he said, speaking on condition of anonymity because he wasn’t authorize to comment on the record.

The company also signed two MOUs to boost the country’s power capacity, it said in a statement. Siemens will propose, under the agreements, to build additional combined-cycle power plants with a capacity of as much as 6.6 gigawatts, and 10 substations, it said.

The deals were signed at an economic conference being held over the weekend in the Red Sea resort of Sharm El-Sheikh that’s aimed at boosting investment to help revive the country’s economy.