The 3.6MW turbines being assembled in Siemens factory at Brande (Photo: Reuters)
The CHP complex will have a total capacity of 300 megawatts (MW) by 2030 and will run on natural gas.
The project is expected to reduce carbon emissions and address climate change by providing clean and reliable energy solutions in line with Egypt's Vision 2030 and the UN Sustainable Development Goals (SDGs).
According to the agreement, Siemens would conduct technical studies and supply the project with turbines and other necessary equipment, while Intro would provide financing and development.
"This protocol isn't the first bilateral cooperation, as the two companies are already working together to build a joint power generation station in the 10th of Ramadan City," said Hani Helaly, Managing Partner of Energy and Utilities at Intro.
This partnership will accelerate the pace of decarbonizing industry in Egypt, thus reducing emissions and improving sustainability across the country and the region, noted Dietmar Siersdorfer, the CEO of Siemens in the Middle East.
Intro, a subsidiary of Intro Holding Investments’ companies, includes a diverse group of companies working in green economy to achieve sustainable development goals in the field of renewable energy and energy conservation.
Meanwhile, Siemens serves as one of the world's leading companies in the field of energy technology.