Egypt – Egyptian Commercial International Bank (CIB) has signed a financing and partnership agreement to support Elswedy Power System Project (PSP) in the construction of a combined cycle power plant in Hungary, providing financing worth EUR 58 million (approximately $62.9 million).
The project is the largest combined cycle power development in Hungary in recent decades and highlights CIB’s growing role in financing strategic infrastructure projects, while promoting sustainable financial solutions.
The power plant will be delivered by a consortium consisting of Elswedy Electric, Status KPRIA Zrt. and West Hungária Bau Kft (WHB), after the project was awarded to MVM Mátra Energia Zrt., a subsidiary of the Hungarian state-owned MVM Group.
For Elsewedy Electric, this project marks the first major investment in Europe and an important milestone in the group’s global expansion strategy. Once completed, the facility will be Hungary’s first hydrogen-enabled power plant and will be able to incorporate up to 30% hydrogen in the fuel mix, supporting cleaner energy generation and strengthening Europe’s energy security.
The power plant is designed to generate 500 to 650 megawatts of electricity and is scheduled to begin commercial operations in 2028. Construction officially began after a cornerstone laying ceremony held in September 2025.
The total investment in this project is estimated at approximately 700 million euros (approximately $760 million). Within this framework, CIB acts as the sole financier for Elswedy Electric’s share in the project, extending a credit facility worth approximately EUR 58 million. This structure reflects the bank’s strong financial position and expertise in arranging and financing large-scale cross-border infrastructure projects.
Amr El Ghanaini, Deputy Chief Executive Officer and Executive Director of CIB, said: “Our support for this landmark project is a testament to our commitment to strengthening our long-term partnership with El-Suwedy Electric and to supporting sustainable financing and responsible investment, particularly clean energy. “We don’t just fund projects; we support partners who contribute to building a more sustainable future and deliver long-term economic and environmental value.”
El Ghanaini added that the partnership underlines CIB’s focus on supporting the international expansion of Egypt’s leading companies, strengthening the competitiveness of the Egyptian economy, and reinforcing the bank’s position as a reliable partner in financing regional and global sustainable development projects.
Elsewedy Commenting on the project, Ahmed Elsewedy, President and CEO of Electric, said: “This project is a major milestone in Elsewedy Electric’s global expansion and the Egyptian company’s ability to deliver large-scale energy projects in line with the highest international standards. “Our participation in the construction of Hungary’s largest hydrogen-capable combined cycle power plant underlines our commitment to advanced and sustainable energy solutions that support energy security and accelerate the transition to energy security.” low carbon economy. ”
He added: “We are proud of our partnership with CIB, which played a pivotal role in structuring this financing. This is a testament to the strength of Egyptian financial institutions and their ability to support the international growth of national champions. This partnership provides a strong industry-bank integration model to drive long-term strategic investments that have a lasting impact on the economy and environment.”
Elswedy Electric noted that the project reflects the group’s disciplined approach to international expansion, backed by advanced technology, strong strategic partnerships and extensive experience in delivering major energy projects. This further strengthens the company’s position as a reliable partner in global energy and infrastructure development.
Through this transaction, CIB continues to expand its international footprint while strengthening its position as a leading financial institution in sustainable finance and development.
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