Egypt’s Electricity Holding Company (EEHC) has authorized the Sovereign Fund of Egypt (TSFE) to appoint HSBC Bank as a consultant to negotiate with German lenders for the sale of the Beni Suef power station, one of the three stations built by Siemens in Egypt, sources told Daily News Egypt.
The government plans to sell a stake of about 70%, worth between $1.4bn and $1.865bn, to strategic investors, and possibly offer a share on the Egyptian Exchange (EGX). The TSFE will oversee the process of issuing the station.
The station has a foreign debt of about €735m and a local debt of about EGP 3.5bn. The deal is expected to be completed before June 2024.
The Beni Suef power station is located in southern Cairo and has a capacity of 4.8 gigawatts. It was inaugurated in mid-2018, along with two other stations in Burullus and New Capital, which have a combined capacity of 14.4 gigawatts.
British private equity firm Actis LLP and Edra Power Holdings have renewed their interest in buying the Beni Suef power station, according to informed sources. Actis had submitted a letter of intent in 2019 to acquire more than 51% of one of the Siemens stations.
