A 17-bank consortium will raise EUR3.5 billion for combined cycle Siemens power plants in Egypt, guaranteed by the Egyptian Finance Ministry. This marks the German tech expert’s largest order; three combined cycle power plants in Beni Suef, Burullus and New Capital, estimated to be worth EUR6 billion that should be the largest in the world. The three plants will have the same design and a 4,800 megawatt production capacity, with a combined capacity of 14.4 gigawatts that should boost the nation’s electricity production by 50% upon completion in 2018. Among participating banks are Deutsche Bank, HSBC, and KfW IPEX-Bank which are coordinating initial mandated lead arranges and co-book runners for the syndication. The mandate for the project was awarded in June 2015 after a Memorandum of Understanding was signed by Siemens and Egypt at the Sharm-El-Sheikh conference earlier in March that year. In November 2015, a loan agreement was signed for the first project in Beni Suef and later in March 2016 deals were signed for the other two power plants. (Company disclosure, Enterprise)