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Commercial International Bank – Egypt (CIB) has provided credit facilities worth €58 million (approximately $62.9 million) to Elsewedy Electric Power Systems Projects (PSP), subsidiary of Egypt’s Elsewedy Electric, for a new Combined Cycle Gas Turbine (CCGT) unit at the Mátra Power Plant in Visonta, Hungary.
A consortium comprising PSP and Hungary’s Status KPRIA and West Hungária Bau (WHB), was awarded the engineering, procurement, and construction (EPC) contract for the project by MVM Matra Energia, a subsidiary of state-owned MVM Group in January 2025. The foundation stone was laid in September 2025.
CIB acted as the sole financier for Elsewedy Electric’s portion of the project, which has a total estimated investment of about €700 million ($760 million), the bank announced on Thursday.
As Hungary’s first hydrogen-ready power plant, it will have the capability to integrate up to 30 percent hydrogen into its fuel mix.
In December 2025, Italy-based Ansaldo Energia announced that it has been awarded the contract to supply of one hydrogen-ready GT26 gas turbine and one steam turbine with generators for the project.
It said the Matra Power Plant, with a gross power of 521 MW, will replace an existing lignite‑fired plant, directly contributing to Hungary’s decarbonisation pathway and strengthening security of supply and grid stability.
In operation, the new unit is expected to deliver a reduction of CO₂ emissions up to approximately 70 percent compared with the lignite facility it replaces.
Commercial operations are targeted for 2028, it added.
(Writing by Eman Hamed; Editing by Anoop Menon)
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