The Commercial International Bank Egypt (CIB) has signed a financing and partnership agreement to support Elsewedy Electric Power Systems Projects in building a combined-cycle power plant in Hungary, worth €58m (around $62.9m). The project is the largest of its kind in Hungary in decades and will become the country's first hydrogen-ready power plant.
The Commercial International Bank Egypt (CIB) has announced a financing and partnership agreement to support Elsewedy Electric Power Systems Projects, a subsidiary of the Elsewedy Electric group, in executing a combined-cycle power plant in Hungary. The financing amounts to €58m (around $62.9m), covering Elsewedy's share in the project, whose total investment is estimated at around €700m ($760m).
The project will be delivered by a consortium including Elsewedy Electric, Status KPRIA Zrt., and West Hungária Bau Kft (WHB), following the contract award by MVM Mátra Energia Zrt., a subsidiary of Hungary’s state-owned MVM Group. This marks Elsewedy Electric's first major investment in Europe and a key milestone in its global expansion strategy.
The plant is designed to generate between 500 and 650 megawatts of electricity and will be Hungary’s first hydrogen-ready facility, capable of integrating up to 30% hydrogen in its fuel mix to promote cleaner energy and bolster European energy security. Construction officially started after a foundation stone ceremony in September 2025, with commercial operations slated for 2028.
Amr El Ganainy, Deputy CEO and Executive Board Member of CIB, stated: “Our support for this landmark project reflects our commitment to strengthening long-term partnerships with Elsewedy Electric, as well as CIB’s dedication to sustainable financing and responsible investment—particularly projects aligned with the global transition towards clean energy and emissions reduction.”
Ahmed Elsewedy, President and CEO of Elsewedy Electric, commented: “This project represents a major milestone in Elsewedy Electric’s global expansion and reflects the growing confidence in the ability of Egyptian companies to deliver large-scale energy projects in line with the highest international standards.”
The partnership highlights CIB’s role in funding cross-border infrastructure, reinforcing the bank’s position in sustainable finance.