Siemens has signed a contract worth 8 billion euro with Egypt to build natural gas-operated power plants and wind power installations.

According to a statement by the German company, the plants will boost Egypt’s power generation capacity by more than 50 percent compared to the currently installed base.

"The projects will add an additional 16.4 gigawatts (GW) to Egypt’s national grid to support the country’s rapid economic development and meet its growing population’s demand for power," the statement said.

Under the contract, Siemens will deliver three ready-to-use gas-steam power plants with a capacity of 4.8 gigawatts each.

The plants, which will go into operation in stages starting in the summer of 2017, will have a total capacity of 14.4 gigawatts, Siemens said.

The signing ceremony was attended today in Berlin, Germany by Egyptian President Abdel Fattah El Sisi and German Vice Chancellor Sigmar Gabriel.