Elsewedy Electric PSP secures €58M CIB financing for Hungary power plant
Updated 2/8/2026 9:33:00 AM
Arab Finance: Elsewedy Electric Power Systems Projects (Elsewedy Electric PSP) has a financing and partnership agreement with the Commercial International Bank Egypt (CIB) to obtain a €58 million ($62.9 million) credit facility to support its 500-650 megawatt (MW) combined-cycle power plant in Hungary, as per a press release.
The project's overall investment is estimated at approximately €700 million (around $760 million), with the CIB acting as the sole financier for Elsewedy Electric’s portion of the project.
The plant, Hungary’s largest combined cycle power plant in decades and the country’s first hydrogen fuel-ready plant, is being implemented through a consortium comprising Elsewedy Electric, Status KPRIA Zrt., and West Hungária Bau Kft (WHB).
This follows MVM Matra Energia Zrt., a subsidiary of the Hungarian Electricity Holding Company (MVM), receiving the award for the project.
This joint venture (JV) marks Elsewedy Electric's first major investment in Europe, a pivotal milestone in the EGX-listed company’s global expansion strategy.
The project is scheduled to commence commercial operations in 2028.
It is worth noting that construction works officially began after the foundation stone ceremony held in September 2025.
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