{"id":598540,"date":"2019-05-28T03:57:05","date_gmt":"2019-05-28T03:57:05","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/28\/edra-and-blackstones-zarou-express-interest-in-operating-siemens-power-plants\/"},"modified":"2019-05-28T03:57:05","modified_gmt":"2019-05-28T03:57:05","slug":"edra-and-blackstones-zarou-express-interest-in-operating-siemens-power-plants","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/28\/edra-and-blackstones-zarou-express-interest-in-operating-siemens-power-plants\/","title":{"rendered":"Edra and Blackstone\u2019s Zarou express interest in operating Siemens power plants"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <b>INVESTMENT WATCH- Blackstone portfolio company and Edra express interest in operating Siemens power plants: <\/b>Blackstone Group\u2019s <a href=\"http:\/\/www.zarougroup.com\/\">Zarou<\/a> and Malaysian company <a href=\"http:\/\/www.edra.energy\/\">Edra Power Holdings<\/a> have both expressed an interest in taking over the operation of the three Siemens-built, combined-cycle power plants inaugurated in July, Electricity Minister Mohamed Shaker told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-05-27\/egypt-mulling-blackstone-unit-s-offer-to-take-over-power-plants?srnd=premium-middle-east\">Bloomberg<\/a>, adding that both offers were under consideration. Neither Edra, which already runs three gas-fired thermal power plants in Egypt, nor Zarou have formally confirmed their interest in acquiring the plants.<\/p>\n<p><b>Where does Siemens stand in all this?<\/b> Shaker said that Siemens would continue to work alongside any new operator. The German conglomerate currently holds an <a href=\"https:\/\/enterprise.press\/stories\/2018\/09\/23\/siemens-to-run-egypts-3-new-massive-power-plants-for-8-years\/\">eight-year contract to operate the plants<\/a>. Siemens Egypt CEO Emad Ghaly has previously said the company is committed to operating and maintaining the power plants until 2024.<\/p>\n<p><b>A move to get debt associated with the plants off the government\u2019s balance sheet? <\/b>A transaction could \u201cset the stage for [Zarou or Edra] to assume responsibility for any financial dues,\u201d Bloomberg\u2019s Mirette Magdy suggests. The power plants cost EUR 6 bn to construct, with about 85% of the cost being financed by a consortium of lenders including Deutsche Bank, HSBC, and KfW-IPEX Bank, all backed by a sovereign guarantee.<\/p>\n<p><b>Treasury-guaranteed debt reportedly <\/b><a href=\"http:\/\/www.mof.gov.eg\/MOFGallerySource\/Arabic\/budget2019-2020\/Financial-Statement-2019-2020.pdf\"><b>stood at 20.4% of GDP<\/b><\/a>as of the end of 2018, with about 25% of that owed by electricity companies.<\/p>\n<p><b>Background:<\/b> The Electricity Ministry had <a href=\"https:\/\/enterprise.press\/stories\/2017\/03\/22\/electricity-ministry-to-establish-4-companies-to-manage-projects-under-2017-2022-plan-by-july\/\">initially planned in 2017<\/a> to establish three companies to separately manage the plants and then list each of them on EGX as part of the state privatization program. Later, the Egyptian Electricity Holding Company (EEHC) issued an open tender for the operation and maintenance of the plants, for which ten companies bid in <a href=\"https:\/\/enterprise.press\/stories\/2018\/01\/18\/eehc-to-receive-bids-for-operation-and-maintenance-tender-for-siemens-power-plants\/\">early 2018<\/a>. The plan spin off the plants and list them on the EGX was reportedly shelved in <a href=\"https:\/\/enterprise.press\/stories\/2018\/09\/23\/siemens-to-run-egypts-3-new-massive-power-plants-for-8-years\/\">September 2018<\/a> when the EEHC signed a USD 352 mn, eight-year contract with Siemens to operate, maintain, and manage the facilities.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>INVESTMENT WATCH- Blackstone portfolio company and Edra express interest in operating Siemens power plants: Blackstone Group\u2019s Zarou and Malaysian company Edra Power Holdings have both expressed an interest in taking over the operation of the three Siemens-built, combined-cycle power plants inaugurated in July, Electricity Minister Mohamed Shaker told Bloomberg, adding that both offers were under [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":598541,"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":[8572],"tags":[1113,7106,244,72,125,484,2380,3750],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-598540","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-blackstone","tag-debt","tag-electricity","tag-enterpriseam","tag-investment-watch","tag-siemens","tag-speed-round","tag-zarou","wpautop","entry"],"acf":{"mongo_id":"bc7f2660-0966-4f2e-bd52-d84eff677c7e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/659.jpg","photo_position":"above","related_issue":[598535],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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Madbouly said Egypt welcomes reaching an agreement that would serve its interests and\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":593008,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/14\/actis-engie-datang-in-the-running-to-acquire-stake-in-egypts-combined-cycle-power-plants\/","url_meta":{"origin":598540,"position":1},"title":"Actis, Engie, Datang in the running to acquire stake in Egypt\u2019s combined-cycle power plants","author":"enterpriseam admin","date":"14 November 2019","format":false,"excerpt":"Actis, Engie, Datang in the running to acquire stake in Egypt\u2019s combined-cycle power plants: Actis, France\u2019s Engie, and China Datang Overseas Investment are all competing alongside Blackstone\u2019s Zarou to acquire a stake in the Siemens \/ Orascom Construction \/ Elsewedy Electric combined-cycle power plants, according to Bloomberg. Sources in the\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2017\/3\/970.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591472,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/08\/hsbc-and-citibank-compete-for-combined-cycle-stake-sale-role\/","url_meta":{"origin":598540,"position":2},"title":"HSBC and Citibank compete for combined cycle stake sale role","author":"enterpriseam admin","date":"8 December 2019","format":false,"excerpt":"PRIVATIZATION WATCH- HSBC and Citibank are competing to act as financial advisor on combined-cycle plant stake sale: Egypt\u2019s sovereign wealth fund is mulling offers from HSBC and Citibank to advise on the sale of a 70% stake in the first of three Siemens \/ Elsewedy Electric \/ Orascom Construction combined-cycle\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":592962,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/13\/zarou-is-egypts-top-contender-for-stake-in-siemens-power-plants\/","url_meta":{"origin":598540,"position":3},"title":"Zarou is Egypt\u2019s top contender for stake in Siemens power plants","author":"enterpriseam admin","date":"13 November 2019","format":false,"excerpt":"Zarou is the top contender for stake in Siemens power plants: Blackstone Group\u2019s Zarou is reportedly the frontrunner out of six investors looking to acquire a stake in the Siemens \/ Orascom Construction \/ Elsewedy combined-cycle power plants, unnamed Electricity Ministry sources tell Al Mal. The energy development company has\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/11\/Electricity-power-plant-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598640,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/30\/is-egypts-electricity-ministry-on-a-privatization-drive\/","url_meta":{"origin":598540,"position":4},"title":"Is Egypt\u2019s Electricity Ministry on a privatization drive?","author":"enterpriseam admin","date":"30 May 2019","format":false,"excerpt":"Is the Electricity Ministry on a privatization drive? The Egyptian Electricity Holding Company (EEHC) could sell stakes in its electricity production and distribution subsidiaries to the private sector under an asset management program, former Egyptera head Hafez Salmawy said. The program, which Salmawy says is already in place, seeks to\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567550,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/27\/sovereign-fund-of-egypt-to-tap-hsbc-to-advise-on-siemens-plant-stake-sale\/","url_meta":{"origin":598540,"position":5},"title":"Sovereign Fund of Egypt to tap HSBC to advise on Siemens plant stake sale?","author":"enterpriseam admin","date":"27 January 2020","format":false,"excerpt":"PRIVATIZATION WATCH- Sovereign fund to tap HSBC as advisor on combined-cycle plant stake sale? HSBC is reportedly the frontrunner to advise the Sovereign Fund of Egypt on the sale of a 70% stake in the first of three Siemens \/ Elsewedy Electric \/ Orascom Construction combined-cycle power plants, Hapi Journal\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/598540","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=598540"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/598540\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/598535"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/598541"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=598540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=598540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=598540"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=598540"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=598540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}