{"id":586878,"date":"2023-05-18T00:00:00","date_gmt":"2023-05-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/18\/egypt-needs-lenders-approvals-before-selling-siemens-power-plants-asharq\/"},"modified":"2023-05-18T00:00:00","modified_gmt":"2023-05-18T00:00:00","slug":"egypt-needs-lenders-approvals-before-selling-siemens-power-plants-asharq","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/18\/egypt-needs-lenders-approvals-before-selling-siemens-power-plants-asharq\/","title":{"rendered":"Egypt needs lenders\u2019 approvals before selling Siemens power plants -Asharq"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">The plan to sell the Siemens power plants is more complicated than we thought: <\/span><span style=\"\">Egypt <\/span><span>has requested permission from German banks to sell shares in the three 4.8 GW Siemens-built power stations to investors, reports <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.asharqbusiness.com\/article\/50266\/%D8%A8%D9%8A%D8%B9-%D8%AD%D8%B5%D8%B5-%D8%A8%D9%85%D8%AD%D8%B7%D8%A7%D8%AA-%D9%83%D9%87%D8%B1%D8%A8%D8%A7%D8%A1-%D8%B3%D9%8A%D9%85%D9%86%D8%B2-%D9%81%D9%8A-%D9%85%D8%B5%D8%B1-%D8%B1%D9%87%D9%86-%D9%85%D9%88%D8%A7%D9%81%D9%82%D8%A9-%D8%A8%D9%86%D9%88%D9%83-%D8%A3%D9%84%D9%85%D8%A7%D9%86%D9%8A%D8%A9\/\" style=\"\">Asharq Business<\/a><\/span><span>,<\/span><span> citing three anonymous government officials. The government <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a94808c5-7a0c-4027-a786-804f2dc35954\" style=\"\">earmarked the Beni Suef plant for privatization<\/a><\/span><span style=\"font-weight:400;\"> earlier this year but the financial terms agreed with the project\u2019s backers mean that it will need to get their sign-off before it can start marketing it to investors, according to the new outlet\u2019s sources.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Banks provided bns of EUR for the plants:<\/span><span style=\"\"> Germany development bank KfW, Deutsche Bank <\/span><span style=\"font-weight:400;\">and HSBC lent EUR 4.1 bn of the EUR 6 bn needed to construct the plants, which were inaugurated in 2018. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Want to sell? There are strings attached:<\/span><span style=\"\"> The contracts prevent the government from selling <\/span><span style=\"font-weight:400;\">stakes in the plants until the loans are repaid in full, or unless they get permission from the lenders, according to Asharq\u2019s sources.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">It\u2019s not clear how much has been repaid:<\/span><span style=\"\"> The Egyptian Electricity Holding Company has <\/span><span style=\"font-weight:400;\">made regular loan repayments since 2019, the business news outlet reports. It\u2019s unclear how much has been paid back.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The government has talked about selling the plants for years:<\/span><span style=\"\"> It began courting potential <\/span><span>international investors soon after the plants\u2019 inauguration, and in 2019 entered talks with private equity giants <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/28\/edra-and-blackstones-zarou-express-interest-in-operating-siemens-power-plants\/\" style=\"\">Blackstone<\/a><\/span><span> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2019\/11\/25\/actis-confirms-its-bidding-for-a-stake-in-egypts-combined-cycle-plants-6971\/\" style=\"\">Actis<\/a><\/span><span style=\"font-weight:400;\">, and Malaysian power company Edra. It was never publicly disclosed what happened to the offers.<br \/><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The PM now wants to speed things up:<\/span><span style=\"\">Prime Minister Moustafa Madbouly has met with a <\/span><span>number of Egyptian officials twice in 10 days to discuss taking steps to offer a stake in the Beni Suef station, Asharq\u2019s sources said. The plant was <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/03d92997-1040-4166-8a3e-4393f4bcc739\" style=\"\">reported to have been earmarked<\/a><\/span><span> to be <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/03d92997-1040-4166-8a3e-4393f4bcc739\" style=\"\">transferred to the Sovereign Fund of Egypt<\/a><\/span><span style=\"font-weight:400;\"> last year ahead of a sale.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The power plants aren\u2019t the only infrastructure up for sale:<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/860a3d68-680c-4178-8525-c01faa6818b8\" style=\"\">A report in Asharq<\/a><\/span><span style=\"\"> last week <\/span><span>claimed that the government wants to sell off the country\u2019s two largest wind farms before the end of the year. Infinity Power, ACWA Power, the UAE\u2019s Alcazar Energy, and<\/span><span> Hassan Allam Utilities<\/span><span style=\"font-weight:400;\"> are all interested in acquiring the plants.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">BARCLAYS WORKING ON UNITED BANK SALE-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">CI Capital has a partner on the United Bank sale:<\/span><span style=\"\"> The Central Bank of Egypt has appointed <\/span><span>Barclays to join CI Capital as the financial advisors working on the sale of United Bank, it said in  <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1034.pdf\" style=\"\">a statement (pdf)<\/a><\/span><span> yesterday<\/span><span style=\"font-weight:400;\">.  <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER- <\/span><span>The CBE \u2014 which owns 99.99% of United Bank \u2014 was negotiating to sell the lender to Saudi Arabia\u2019s sovereign wealth fund PIF before <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/37a6e355-5a16-4b3f-b6b0-617d4ccf7f96\" style=\"\">talks stalled<\/a><\/span><span style=\"font-weight:400;\">, apparently due to a dispute over valuation amid uncertainty over the exchange rate.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 4.8-GW Beni Suef plant is in the govt\u2019s privatization plans<\/p>\n","protected":false},"author":1,"featured_media":586879,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7321],"tags":[204,362,136,93,72,7111,81,7193],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-586878","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-banking","tag-barclays","tag-ci-capital","tag-energy","tag-enterpriseam","tag-infrastructure","tag-privatization-watch","tag-united-bank","wpautop","entry"],"acf":{"mongo_id":"11cbc1b8-2f94-4e36-ba9b-336207272b2f","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/1038.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt needs lenders\u2019 approvals before selling Siemens power plants -Asharq","related_issue":[586869],"teaser":"The 4.8-GW Beni Suef plant is in the govt\u2019s privatization plans","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.495929e2-8b3e-4b9b-9740-b6b5cbf1f01a.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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